Renovation loans work just like conventional loans: low interest rates, fixed rate and you choose where the money goes.
Just like a traditional loan, you can leverage a special type of renovation loan to pay a low interest rate and tap into 75 percent of the home price plus renovation costs or the as-completed appraised value. You can pull out up to 97% of LTV (loan to value) with certain eligibility requirements.
Minimum Credit Score: 620
Minimum Down Payment: 5%
Loan to value: Up to 97 LTV
That means if your home is $200,000, and if the new modular home adds $100,000 in value, you could take 75% of the total sum of $300,000. The funds that you could use for the modular home would be $225,000.
Here are some other examples:
To get started on a loan, visit our application page.