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Just a few tips about Home Renovation loans

Mortgage and Lending with Citywide Home Loans

Home Renovation Loan Program Eligible Improvements

Citywide Home Loans Home Renovation Loan program is intended to facilitate uncomplicated rehabilitation and/or improvements to a home during a purchase or refinance transaction. Due to the rehabilitation amount limitation of $35,000, eligible improvements are limited and can not include any major rehabilitation or remodeling, new construction such as a room addition, repairs to structural damage, or site amenity improvements. The Home Renovation Eligible repairs include:

  • Repair/Replacement of roofs, gutters, and downspouts.
  • Repair/Replacement/Upgrade of existing heating ventilation, and air conditioning systems.
  • Repair/Replacements of plumbing and electrical systems.
  • Repair/Replacement of flooring.
  • Minor remodeling that does not involve structural repairs, such as replacement of kitchens & bathrooms.
  • Exterior and interior painting.
  • Weatherization, including storm windows and doors, insulation and weather stripping.
  •  Purchase and installation of appliances, including free-standing ranges, refrigerators, washer and dryers, dishwashers, and microwaves.
  • Improvements for accessibility for persons with disabilities.
  • Lead-based paint stabilization or abatement of lead-based paint hazards, asbestos, and some chemical substances.
  • Repair/Replacement/Addition of exterior decks, patios, porches.
  • Basement finishing and remodeling that does not involve structural repairs.
  • Basement Waterproofing.
  • Replacement of windows, doors, and exterior wall re-siding.
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Comments (3)

Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

Sean, this is a good educational post for those interested in the Citywide Home Loans Home Renovation Loan Program.  Great job spelling out the details! 

May 17, 2012 03:54 PM
Praful Thakkar
LAER Realty Partners - Burlington, MA
Metro Boston Homes For Sale

Sean, good post for rennovation loans. Quick question - MA seems to be one of the few (or perhaps only state) where lender requires to have title V (septic) cleared. Good in most cases but what if it's a short sale and title V is not clear? Will lender lend the money under rennovation?

May 17, 2012 04:17 PM
Matthew Francis
The Francis Team - Broomfield, CO

Sean would you consider holding a class on this?  I think we could really help out the homesellers that want to upgrade their homes for the summer market

Jan 28, 2013 12:48 PM