Fix-It-First Home Loans

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.