Renovations LOANS
Cornerstone Renovation mortgage

Combines home purchase or refinance with home improvement financing in one loan with one closing. These funds are used to cover the cost of repairs, remodeling, or renovations to the property.

• Cost-effective renovation or home improvements
• Loan based on the lesser of “as-completed” value of the home or the cost basis
• Renovations, repairs, or improvements can total up to 50% of the as-completed value of the property
• First mortgage only, one closing, no second lien resulting in a costly mortgage
• The funds can be used for any repairs or renovations that are permanently affixed and add value to the property, including interior, fences, decks, landscaping, and in-ground swimming pools

Eligibility & Requirement
• Primary residence, second home, or investment property
• Maximum loan-to-value (LTV) 95% when allowed for property type
• Minimum 620 FICO, 660 for investment properties
• Max debt-to-income ratio (DTI) 45%

Cornerstone Renovation Loan Features

• General Contractor is recommended. Specialized Contractors allowed but may increase project costs.
• Consultant is not required but recommended on projects exceeding $35,000 to prepare Work Write-up, oversee project including draws/inspections
• Structural repairs are allowed, including room additions and foundation work
• Up to 6 months of principal, interest, taxes and insurance (PITI) can be financed if the home is not habitable during renovation

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Ryan Leahy with Cornerstone Home Lending looks forward to serving you!