Homes on the market are pre-built and may require changes after you move in. With a home construction loan or renovation loan, you can customize your home to get exactly what you want.
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Use this quick guide to start your home buying journey.
- Choose a First Mortgage Expert and get prequalified
- Improve your credit score by holding off on major purchases
- Save for a down payment.
- Save for additional home buying costs such as home inspections, insurance, and deposits
- Find a realtor and start looking for homes!
- Gather necessary documents. View our Mortgage checklist
Construction to Permanent
A Construction to Permanent loan allows you to finance the construction of your home and converts into a permanent loan after you move in. You don’t have to pay the loan in full until the construction is complete.
- Requires a minimum credit score of 660 and low debt-to-income ratio (DTI) to qualify
- Requires a down payment
- Construction loans typically have a higher interest rate compared to a traditional mortgage
Renovation Loans
Home renovation loans are a smart way for homeowners to finance their entire home improvement project. This type of loan gives homeowners credit based on the “after renovation” value so you can turn a fixer upper into a customized home, for less.
- Renovation loans allow you to finance more than a home equity loan or other personal loan
- You can expect to make the same or fixed monthly payment for your renovation loan
- Home is used as collateral on the loan
- Home improvement loans typically have a max DTI (debt-to-income ratio) of 36%. Keep this in mind when considering all your options
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Mortgage loans subject to credit approval. Other restrictions may apply. Mortgage loan programs, rates, terms and conditions are subject to change without notice.