Home Improvement

Buying and Improving a Home

Does your dream home need some structural repairs in order for you and your family to reside comfortably in it? Or perhaps you have your heart set on buying an historic home that needs some refurbishing. Your community bank has several mortgage products that meet these specific needs. Many of these products combine the funds for buying a property and fixing it up into a single loan, and carry a single monthly payment. Complete our online home improvement pre-approval application NOW and a community bank will contact you with all of the relevant details.

Useful Information

• To protect the home improvement investment, community banks verify a contractor certificate and license.

• Typically, lenders, including community banks, require 10-15 percent of the renovation costs be placed in a reserve fund in order to over unexpected expenses.

• Borrowers must sign a separate rehabilitation loan agreement at closing, spelling out how the funds will be used and disbursed to contractors.

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