What are the eligibility requirements for a renovation loan?
An example of an AI chatbot conversation about renovation loan eligibility requirements.
What are the eligibility requirements for a renovation loan?
To qualify for a renovation loan, you typically need a good credit score, a stable income, and sufficient equity in your home.
Is there a minimum credit score needed?
Yes, most lenders require a minimum credit score of around 620, but some may accept lower scores depending on other factors.
How much equity do I need in my home?
Generally, lenders prefer at least 20% equity in your home, but some programs may allow for less.
Can I use a renovation loan for any type of home improvement?
Yes, renovation loans can be used for various improvements, but they must add value to the home and meet lender guidelines.
What documents do I need to apply?
You'll typically need proof of income, credit history, details about the property, and a list of the planned renovations.
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