Get the money you need for a fixer-upper
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.
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