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Key Highlights
The Benefits
One Loan
Finance purchase and renovations together.
Increase Home Value
Invest in future improvements.
Flexible Renovation Options
Finance eligible upgrades and repairs.
What's Required
Eligible Improvements
Renovations must meet program guidelines.
Contractor Documentation
Licensed contractors are typically required.
Project Approval
Renovation plans must be reviewed.
The Ins & Outs
How it Works
The CHOICERenovation® loan allows eligible homebuyers and homeowners to finance the purchase or refinance of a home while including the cost of eligible renovations in a single mortgage. Instead of obtaining separate financing for improvements, you can complete your project with one loan and one monthly payment.
Whether you're updating an older home, making repairs, or adding value through renovations, CHOICERenovation® offers a flexible financing solution.
Example Scenario
A homebuyer finds a property in the perfect neighborhood, but the kitchen and bathrooms need updating. A CHOICERenovation® loan allows them to finance both the purchase and eligible renovation costs with one mortgage.
What is a CHOICERenovation® loan?
A CHOICERenovation® loan allows eligible borrowers to finance the purchase or refinance of a home along with approved renovation costs in one mortgage.
What types of renovations are allowed?
Many repairs, improvements, and upgrades may be eligible, subject to program guidelines and lender approval.
Do I need a licensed contractor?
In most cases, yes. Eligible renovations are typically completed by licensed contractors approved through the renovation process.
Can I use this loan to buy a fixer-upper?
Yes. CHOICERenovation® loans are a popular option for purchasing homes that need repairs or modernization.
How much can I finance?
The amount available depends on the property's value, renovation plans, your qualifications, and lender guidelines.
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