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Real Estate Rehab Loans

One loan. One closing. One smart way to renovate and buy.

Get the Money You Need for a Fixer-Upper

Buying a home that needs work? Most lenders make you jump through hoops: build up equity first, apply for a second loan, pay more closing costs.

Service Credit Union’s Real Estate Rehab Loan simplifies everything. You’ll get a single fixed-rate mortgage that covers both the purchase and renovation, with just one closing. That means less hassle, fewer fees and faster access to the home (and upgrades) you want.

Whether you're updating a kitchen, replacing a roof or taking on a full renovation, we’ll help you fund it all from day one.

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Get Started

Single Fixed-Rate Mortgage

Finance both your home and renovations with one simple loan.

One Closing.* Fewer Fees.

Avoid paying for multiple closings.

Funds Released as Needed

Loan funds are held in a Service Credit Union account and disbursed as your contractor completes work.

No Upfront Equity Needed

Start renovating immediately without needing equity.

Continue With the Same Loan

When renovations are complete, you keep the same loan and payment structure.

Get Started

Real Estate Rehab Loan FAQs

Can I use this for investment properties?

No. This program is for owner-occupied primary or second homes only.

Is this available in all states?

This program is available for eligible properties in NH, MA, VT, and ME only.

What happens when renovations are done?

Nothing changes. You continue paying the same fixed principal and interest. No refinancing required.

How are the renovation funds paid out?

Funds are held in a Service Credit Union account and released in disbursements as work is completed.

Can I hire my own contractor?

Yes, you’ll work with a licensed general contractor and submit your plans and specs for approval.

How is this different from a traditional mortgage?

This loan includes both the purchase and renovation costs, so you only need one loan and one closing.^*

^*Applicant subject to creditworthiness, debt-to-income and dwelling requirements. Must be located in NH, MA, VT or ME. Owner occupied primary residence or second home only, no investment property. Property insurance is required. Subject to credit report, title, recording, settlement, and appraisal fees. Certain costs associated with the transaction will be the members responsibility regardless of property listing status, including but not limited to per diem interest, taxes of any kind, and insurance premiums. Additional documentation will be required. Must be an existing member or eligible for membership. Other conditions may apply, please contact a mortgage specialist for additional program details and requirements.