Fix Up Your New Home Before You Move In with a Renovation Loan

Ready to release your inner DIY creativity or transform a dated home into a dream house? When you find the perfect house that needs some rehab, funding a down payment and renovation costs may seem daunting. A home renovation loan can help you do both at the same time. The best part? You may even benefit from boosting your home's value. So, if you're eager to personalize your new home before move-in, a fixer-upper loan is an excellent option.

When it comes to transforming a house into your dream home, Fix-It-First Renovation Loans offer versatile financing solutions. The Fix-It First Renovation Loan provides the funds to purchase the house and make renovations all in one loan to create the home of your dreams.

To see if your property is eligible, contact a First Bank and Trust Company Mortgage Banker for details.

*The Fix-It-First Renovation Loan is not valid for condominiums, doublewides or second homes.

To embark on your renovation journey, understanding the requirements for Fix-It-First Renovation Loans is essential.

Here's an overview of the key criteria for securing these loans:

  • Property Eligibility: The property you intend to renovate must meet eligibility criteria. It should be a residential property, and certain loan types may have specific property requirements.
  • Renovation Plans: Clearly outline your renovation plans, including the scope of work and estimated costs. Providing detailed renovation plans helps determine the financing amount and ensures the improvements align with loan guidelines.
  • Contractor Approval: Many renovation loans require using an approved contractor. Verify that your chosen contractor can complete the renovation to industry standards.
  • Loan-to-Value (LTV) Limits: Renovation loans often have loan-to-value (LTV) limits, indicating the maximum percentage of the home's value that can be financed. Understanding these limits is crucial for planning your project.
  • Creditworthiness: Like traditional mortgages, your creditworthiness plays a role in securing a Fix-It-First Renovation Loan. A stable credit history enhances your eligibility for favorable loan terms.

Choosing a Fix-It-First Renovation Loan comes with a range of benefits, making it a smart option for homebuyers ready to personalize their space.

Key advantages include:

  • Streamlined Financing: Consolidate your home purchase and renovation costs into a single loan, streamlining the financing process and simplifying payments.
  • Boost Home Value: By investing in renovations, you have the potential to enhance your home's value. Enjoy a personalized space while potentially increasing resale value.
  • Competitive Renovation Loan Rates: First Bank and Trust Company offers competitive renovation loan rates for the entire loan term. Benefit from favorable rates that align with your budget and financial goals.
  • Local Expertise: Rely on a local Mortgage Banker at First Bank and Trust Company to bring expertise and personalized service to guide you through the renovation loan process.

Competitive Renovation Loan Rates

At First Bank and Trust Company, we offer competitive renovation loan rates for the life of your loan. Whether you need a 30-year fixed loan or simply to refinance, our local representatives will find a financing solution that works for you.

Since mortgage interest rates change frequently with the market, it’s best to work with your local representative to get your custom rate quote.

Get your custom rate quote. Call or apply today.

Finance Your Reno

Renovate a Home You Already Own

If you prefer to stay in your current home instead of taking on a fixer-upper projects, First Bank and Trust Company has other loan options to help you cover the cost of repairs and renovations.

Refinancing your current mortgage allows you to take cash out of the equity in your home while also reducing your interest rate. A home equity line of credit (HELOC) will provide access to draw money from your home's equity as needed.

Our Mortgage Bankers have the experience you can rely on to help you select the right financing option for your home. Contact us today to start the application process. 

Woman Polishing Door Frame During Renovation

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