Get the money you need for a fixer-upper, and get a $500 eGift card*
If you’re planning to buy a house that needs immediate renovation, this unique program gives you cash for both the purchase and the renovation in one simple fixed-rate mortgage, with only one closing. Plus, for a limited time, get a $500 eGift card* to spend at the home improvement retailer of your choice.
Usually, home renovations require building up home equity before borrowing to renovate—as much as 20 percent of the home’s value. Then, you need to go through another loan process, with more closing costs. Our real estate rehab loans let you get started right away on improving your single-family home.
How it works:
- This program uses a fixed-rate amortizing mortgage
- You hire a general contractor and submit renovation plans and specifications
- A Service Credit Union account holds the loan proceeds to fund the project through multiple disbursements
- When the renovations are complete, you continue to pay the same principle and interest that you have paid since purchasing the property
Wondering if investing in property is right for you?
Review this brief guide to learn the fundamentals, including:
- Understanding the different types of investment properties
- Differentiating between short-term and long-term investments
- Identifying the financial obligations and benefits of property investment
*A $500 eGift card will be provided for the qualifying loan types with an application date between Feb 7, 2022 – May 31, 2022. Instructions to redeem the $500 eGift card will be sent electronically to the email address you provided during the application process. EGift cards are processed up to 10 days after closing. Applicant must be a member of Service Credit Union or eligible for membership. Purchased property must be in the U.S., excluding properties in Texas, Alaska and Hawaii. The credit union will issue a 1099-INT for tax purposes. Promotion is subject to change or be discontinued at any time.