Upgrade your fixer-upper with a renovation loan.
With a renovation loan, you can purchase a fixer-upper or stay in the home you love while making the upgrades you desire. eCU Mortgage, a subsidiary of First Service Credit Union, offers several loan options to fit your needs. We do all the work while you start planning those exciting upgrades and show-stopping renovations! Apply online or visit a local branch today.
FHA 203(K) Loans (Standard & Limited)
The FHA 203(K) loan allows you to finance a fixer-upper or a home needing minor improvements with the money needed for structural and cosmetic improvements. The loan also allows financing of energy conservation improvements, roofs, appliances or non-structural repairs like painting.
Flexible guidelines for the borrower
Lower down payments
Stricter guidelines for homes and improvements
FNMA Homestyle® Loans
The HomeStyle renovation mortgage also provides a convenient and flexible way for borrowers add repairs and renovations in with a first mortgage.
More lenient guidelines on renovations
Lower closing costs
Requires higher credit scores
FHA 203(H) Loans
The FHA 203(H) loan is a disaster relief loan provided for residents of a Presidentially-Declared Major Disaster Area (PDMDA).
Home must be the primary residence in a PDMDA
Up to 100% financing for new homes or renovations on existing homes
Available for up to one year from declaration of PDMDA