Skip to main content
electrician working on a home with exposed wires

Renovation 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 Renovation 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.

One Loan. Many Benefits.

Single Fixed-Rate Mortgage

Single Fixed-Rate Mortgage

Finance both your home and renovations with one simple loan.
One Closing.* Fewer Fees.

One Closing.* Fewer Fees.

Avoid paying for multiple closings.
Funds Released as Needed

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

No Upfront Equity Needed

Start renovating immediately without needing equity.
Continue With the Same Loan

Continue With the Same Loan

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

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.
*Applicant subject to creditworthiness, debt-to-income and dwelling requirements. Subject property 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 Real Estate Loan Specialist for additional program details and requirements.