23 hours Ago By Republished By Plato
Upgrade your primary residence with MortgageDepot’s Renovation HELOC, a versatile financing solution designed to help homeowners transform their living spaces. Whether in New York, New Jersey, or any other 47 states (except Texas), our full-income check HELOC mortgage provides the funds you need to bring your renovation vision to life. How Our Renovation HELOC Works Unlike traditional loans, our program leverages the After Renovated Value (ARV) to determine your borrowing power.
This means you can secure a loan based on your home’s future value post-renovation—not just its current worth. Key features include: Higher Borrowing Power: The maximum loan amount can go up to 125% of your home’s current “as is” value (also called the “Peak Value”). Simplified Payments: Access funds via a home equity line of credit (HELOC), allowing you to pay contractors directly—no complicated draw requests required.
Flexible Use: Ideal for major upgrades, from kitchen remodels to room additions, all while staying in your primary residence. 1-2 Units Only Primary Residence and Second Homes Investment properties are OK Min 640 score Max 95% ARV 750k Max Loan amount 50k Minimum 10 Yr Draw and 20 Year Repayment period Streamlined Process for a Stress-Free Renovation Once approved, you’ll only pay a minimal monthly maintenance fee until renovations are complete. To finalize the process, an appraiser will verify the work with a certificate of completion, at which point the fee is removed.
Available Nationwide MortgageDepot’s Renovation HELOC is offered in all 49 states, including New York and New Jersey, making investing in your home’s future more manageable. SEO Powered Content & PR Distribution. Get Amplified Today.
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