For planning, not loan selection. A participating lender must confirm current rules, property fit, costs, and approval for the actual transaction.
At a glance
- Purchase / refinance
- Purchase + limited cash-out refi
- Occupancy
- Primary; some second homes / 1-unit rentals
- Renovation amount / key cap
- Value-based; lender calculates
- Structural work
- Potentially; lender review
- Minimum project size
- No minimum dollar amount
- Consultant / oversight
- Qualified plans + lender oversight
- Typical project fit
- Lighter through major projects
- Upfront material draw
- Confirm with lender
- Completion timeframe
- Confirm with lender
- Property types
- Unit / condo rules; manufactured limits
- Best when…
- A conventional alternative is worth comparing
What to discuss with Sean and the lender
- What is it?
- A conventional mortgage that can combine an eligible home purchase or refinance with renovation funds.
- Best fit / when to think about it
- Compare when a kitchen remodel, required repairs, or a larger project calls for a conventional renovation option.
- Purchase / refi availability
- Purchase or eligible limited cash-out refinance; not every refinance structure qualifies.
- Occupancy / property considerations
- Eligible primary residences; certain one-unit second homes and investment properties may qualify. Unit count and property type matter.
- Typical project complexity
- Light through major work when the lender accepts the plans, budget, and property.
- Structural work?
- Potentially yes, subject to the lender’s plans, permits, and project review.
- Current renovation limit / key cap
- Renovation and loan limits depend on the as-completed value and property type; manufactured homes have separate limits. Have the lender calculate them.
- Consultant / oversight expectations
- Plans and specifications involve a qualified contractor, renovation consultant, or architect. The lender manages renovation funds and completion.
- Common friction points
- As-completed appraisal, detailed plans, contractor approval, reserves, lender capacity, and disbursement timing.
- What do we need to confirm?
- Confirm occupancy and property eligibility, refinance type, permitted work, renovation/value limits, contractor documents, and lender availability.