Rehab Loan

Get the Funds for Your Fixer-Upper With a Rehab Loan

One mortgage, one closing. Endless possibilities.  
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You Find the Home. We'll Fund the Fixes.

If you’re planning to buy a house that needs immediate renovation, this unique loan type gives you funds for both the purchase and the renovation in one simple fixed-rate mortgage, with only one closing.*

Usually, home renovations require building 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.


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Rehab Loan

How It Works

Single Fixed-Rate Mortgage

Single Fixed-Rate Mortgage

This loan uses a fixed-rate amortizing mortgage.
One Closing.* Fewer Fees.

One Closing.* Fewer Fees.

You hire a general contractor and submit renovation plans and specifications. 
Funds Released as Needed

Funds Released as Needed

A Service Credit Union account holds the loan proceeds to fund the project through disbursements as needed.
Continue With the Same Loan

Continue With the Same Loan

When the renovations are complete, you continue to pay the same principal and interest that you have paid since purchasing the property.
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Real Estate Rehab Loan FAQs

Do my payments change after the renovations are finished?
No. Your principal and interest payment remain the same. Since your renovation costs are built into your original loan, you’ll have a consistent, predictable monthly payment from the time you purchase the home through renovations for the life of the loan.
How are renovation funds distributed?
After your loan is approved, the renovation funds will either be released at closing or held in a Service Credit Union account and disbursed in stages as your project progresses, depending on the scope of the project.
What is a rehab loan and how is it different from a traditional mortgage?
A rehab loan allows you to finance both the purchase of a home and the cost of renovations in one fixed-rate mortgage. Instead of taking out a separate loan later to pay for improvements, everything is combined, so you only go through one application and one closing.

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* Applicant subject to creditworthiness, debt-to-income and dwelling requirements. Must be located in NH, MA 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 member’s 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.