Just a few tips about Home Renovation loans

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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 - Andover, MA
Andover, MA: Andover Luxury 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