It offers borrowers the ability to rehabilitate homes in need of repair that are often the only affordable homes on the market. A single loan for the purchase, or refinance, and the cost of repairs to the house is made possible by using the as-completed value of the home to determine the loan amount. It can also be used for newer homes or well-kept existing homes that need to be landscaped, expanded or upgraded. There are no restrictions to the type of home enhancement projects that are possible.
All programs are subject to change.