Needing funds to improve their home… but having little or no equity, our Home Improvement Loan program is your answer.
Most home financing options, cash-out refinances, HELOCs, and second mortgages are all based on one key factor: equity. If you don’t have enough equity, you’re usually out of options. Our Home Improvement Loans are different.
- No LTV (Loan-to-Value) calculation
- Not dependent on how much equity you have
- Specifically for improvements, not refinancing
This means even if you have no equity in your primary residence, you may still qualify.
Who Would Benefit
- Recently purchased their home
- Have limited or no equity
- Want to renovate, upgrade, or improve their property
- Don’t want to refinance their existing low-rate mortgage
Instead of replacing your mortgage, this program works alongside your current loan.
Loan Guidelines
- Loan Amounts: $50,000 to $160,000
- Minimum Credit Score: 720
- Occupancy: Primary residence
- Availability: All 50 states
Income Requirements
Unlike many of our Non-QM programs, this loan requires full income verification.
- W-2s, pay stubs, or tax returns will be required
- Alternative income documentation (bank statements, etc.) cannot be used
Backed by Institutional Capital
This program is made possible through a strategic partnership with a dedicated funding source, enabling us to offer a solution most lenders don’t have access to. That’s why this product is not widely available in the market.
Use Cases
- Kitchen and bathroom renovations
- Major home upgrades
- Repairs and improvements
- Increasing property value without refinancing
A Unique Solution in the Market
At MortgageDepot, we focus on providing solutions where others can’t. This Home Improvement Loan program is one of those cases. It gives homeowners access to capital without relying on equity. If you’re looking to upgrade your home but don’t have the equity to tap into, this program may be exactly what you need.
Connect with us to learn more about how our Home Improvement Loans can work for you.
