Qualified homeowners will have good repayment capacity, character and credit (scores at 660 or above) and can provide proof their funds are directly for home improvement.  You must also have only one mortgage (and no additional liens) and it must be your primary property (no investment or second/vacations properties allowed).

To estimate how much you can borrow, first multiply your appraised home value by 1.33 (133%). Then, subtract your outstanding mortgage balance. Need help? Check out our Home Improvement Loan Value Calculator.
 

A 133% home improvement loan is one of the highest home equity loan amounts around. 133% loans can carry higher interest rates than those associated with lower LTV ratios and traditional mortgages. However, the repayment term is longer – in this case 20 years – which helps us keep monthly payments low for the borrower over the term of the loan.

A 133% home improvement loan is a great option for borrowers who want to add some improvements to their primary residence but might not have the available home equity to get the amount they need to make those improvements. With this loan, qualified homeowners can borrow up to 133% of their homes current value (minus what they currently owe on it).
 

We can lend for projects that will add permanent value to your property, including new additions (bedrooms, bathrooms, inground pools, affixed solar) and fixed improvements (built-in patios, new driveways, built-in BBQ areas, new roofs, renovated bedrooms, bathrooms and kitchens). Improvements that cannot be considered include above-ground pools, Jacuzzis, minor landscaping, and simple appliance upgrades.

A list of materials, a Purchase Order, and a contractor’s signed bid all may need to be provided to ensure the loan meets our standards.