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Home Renovation Loans

Considering updating, expanding, or remodeling your home? Construction costs can add up quickly—luckily, home renovations loans can be used to fund home purchase and renovation costs, providing you with the confidence you need to make your next move.

What is a Home Renovation Loan?

Home renovation loans are based on the value of the property after the renovation is completed, rather than its current value; this means homeowners can borrow money based on the anticipated increase in the property's value and receive credit for it upfront.

  • By incorporating project financing into your mortgage, you can avoid exhausting your savings or using higher interest forms of credit.
  • Projects can include required repairs, desired upgrades, or a combination of the two.

When Does a Home Renovation Loan Make Sense?

  • You want to increase home value: If you are planning to sell soon, a renovation loan can help you finance the upgrades and repairs needed to make your home more attractive to potential buyers.
  • You need to make home updates: If your home doesn't meet your needs anymore, a home renovation loan can help you make the necessary changes. For instance, you may want to add a new room, remodel your kitchen, or upgrade a bathroom.
  • You want your home to be more energy-efficient: If you want to reduce your energy bill and your carbon footprint, a home renovation loan can help you finance energy-efficient upgrades, such as new windows, insulation, or solar panels.

Home Renovation Loans with PacRes Mortgage

Fix & Flip Loans

Use this short-term financing solution to help you purchase and renovate a property to resell for a profit.

Product Highlights

  • Decisions and term sheets issued in hours, not days
  • Total loan amounts up to 85% of the total cost*
  • 12-month loan term with interest-only payments
  • Purchase loan amount up to 85% of the cost
  • Construction loan amount up to 100% of the cost

Eligibility Requirements

  • No house-flipping history necessary
  • No need to use savings or a hard money lender
  • 660+ credit score
  • Available for non-owner-occupied single-family and multi-family up to 4 units

203K Rehab Loans

Found a home in an ideal neighborhood with the right price but the kitchen and bathroom need updating? This is the perfect solution for the property that’s almost perfect—use a 203K Rehab Loan to purchase and renovate or repair your dream home.

Product Highlights

  • Purchase or refinance
  • 10-, 15-, 20-, 25-, and 30-year term options available
  • 1-4-unit homes, manufactured homes, approved condos, and PUDs

Eligibility Requirements

  • Total cost of renovation or repairs must be at least $5,000
  • Use of a licensed contractor is required
  • 3.5% minimum down payment
  • 580+ credit score
  • Maximum LTV/CLTV/HCLTV
    • Purchase: 96.50%
    • Rate/Term: 97.75%
  • Primary residence only

Eligible Renovations & Repairs

  • Kitchen and bathroom remodels
  • Roof, window, and door replacements
  • Plumbing, electrical, and HVAC upgrades
  • Interior and exterior painting
  • Deck, patios, and porches
  • Replacement flooring
  • New appliances
  • Foundation repair
  • And more!