Fixer-Upper?

If you’ve found a home or fixer-upper with great potential, but it needs a little TLC, you might consider a home renovation loan. This type of loan includes both the money you need to fix up the home and the mortgage used to purchase the home. Similar to a construction loan, homebuyers can utilize one loan and one set of closing costs to turn a house into a home. Buy the home as-is and make all the major upgrades with just one loan or refinance if you’re looking at expanding or adding on to your existing home.

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Renovation Loan Benefits & Requirements

Benefits

May be used for purchase or refinance 

Max 97% LTV, all available loan products for 1 until primary residences

Max 90% LTV, 15-year maximum term for second homes

Max 85% LTV, 15-year maximum term for investment properties

Cost of renovations limited to 50% of the ‘as completed’ value

‘Do it yourself’ option is available for renovations made to 1-unit properties by the borrower, not to exceed 10% of the ‘as completed’ value

Units in an eligible PUD or condo are permissible

Maximum financed properties are limited to four when this product is used for a second home

ProFed underwriting and servicing

Requirements

Subject to contractor review and acceptance based on scope of work

Work must be performed by third party contractors

Advances for work performed will be paid directly to contractor, with authorization from borrower

All funds to be used for improvements without cash back to borrower from the transaction

Subject to credit, income, and asset review

Home Loan Rates

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Loan Product Maximum Loan to Value (LTV) Minimum Loan Term Rate as low as APR* as low as
Conventional Mortgage Up to 100% LTV No Minimum 10, 15, 20, 30 Year - Fixed Rate Click here for current rates
First-Time Homebuyer Up to 97% LTV No Minimum Up to 30 years - Fixed Rate Click here for current rates
USDA Loan Up to 100% LTV, 101% with Guarantee USDA Fee No Minimum 30-year Fixed Term Contact us for current rates
ARM Loan Up to 100% LTV No Minimum 5/1 & 7/1 - Variable Rate Click here for current rates
Construction Loan Up to 95% LTV No Minimum Flexible Terms - Fixed Rate Click here for current rates
Land Loan Up to 75% LTV No Minimum 15-year Fixed Contact us for current rates
Rapid Refi Up to 80% LTV No Minimum Up to 180 Months - Fixed Rate Click here for current rates
Renovation Loan Up to 97% LTV No Minimum Up to 30-year Fixed Rate Contact us for current rates
Home Equity Loan Up to 85% LTV $10,000 12 - 120 Months - Fixed Rate 7.490% 7.490%**
Home Equity Loan Up to 85% LTV $25,000 121 - 180 Months - Fixed Rate 7.740% 7.740%***
Home Equity Line of Credit Up to 80% LTV $10,000 120 Months - Variable Rate 7.750% 7.750%****

Membership at ProFed is required. *The annual percentage rate (APR) listed are our best rates. Your rate may vary depending on your credit score. **Annual Percentage Rate is based on a loan amount of $10,000 and a term of 120 months. ***Annual Percentage Rate is based on a loan amount of $25,000 and a term of 180 months. ****The Rate for the Home Equity Line of Credit is based on prime (index), as published in the Wall Street Journal on the last day of the month, plus a margin. The Annual Percentage Rate is based on a $10,000 line of credit.

The Process Of A Construction Loan Vs. A Mortgage Loan

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Benefits And Costs Of Owning A Home

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ProFed Credit Union, NMLS# 490949