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Renovation Loan Services in Birmingham, Huntsville & Mobile

For customers in HuntsvilleMobileBirmingham, and other cities we serve in Alabama, the financial experts from Weber Mortgage provide the best renovation loan services available. Since 1999, we have set the industry standard by providing superior rates and services for VA, FHA, conventional, and non-qualifying loans, as well as other types of home loans.

From the first contact to the final closing, your biggest investment is our priority. That is why we have created legions of satisfied customers for more than two decades!

We make your home loan process clear and straightforward to customers in ParrishOrrvilleRamer, or Oakman. To learn more, contact us online or give us a call at 205-751-8583 to take the first step toward owning your dream home.

Renovation Loans

Who Can Take Renovation Loans?

Typically, home buyers apply for renovation finance, not investors. Some people want to do this right away but they don’t have enough equity in their home. This is typically true if you’ve borrowed at 95% of the property value.

If you have a licensed builder, then the bank may be able to rely on the end valuation so you can borrow more. If you use contractors or do the work yourself then you cannot use the increase in your home’s value to fund the renovation. So you either need a lot of equity, a guarantor loan (only some lenders can do this), or a personal loan.

Banks can take their time in approving your loan so it’s best to apply well in advance to avoid disappointment and stress. If you have lots of equity in your property, you can release equity (loan top-up) in a week or two. If you have very little equity or you’re relying on the final property valuation, allow for six weeks or more.

How Much Can You Borrow with a Weber Renovation Loan?

How Much Can You Borrow
  • Minor renovations with a licensed builder: You can typically borrow 95% of the purchase price plus the cost of renovations for cosmetic renovations.
  • Minor renovations with no builder: You can usually borrow up to 90% of the purchase price plus the cost of renovations.
  • Major renovations: You can usually borrow up to 80% unless you have a contract builder, in which case you can borrow 95% of the purchase price plus the cost of the renovations.
  • Knockdown/rebuild: You can normally borrow up to 90% of the land value or 95% of the total cost of the land plus construction costs with a licensed builder.
  • Knockdown/rebuild: with no builder: You can borrow up to 60% of the cost of the land and the renovations if you’re doing it yourself.
  • No intention to renovate: You can usually borrow up to 80% of the property value depending on the location and condition of the property.
  • Low doc: You can borrow up to 80% of the purchase price plus the cost of construction.
  • Borrow 105% of the property value: If your parents can act as a guarantor, you can borrow the full purchase amount including the costs of completion.
  • Discounts: Competitive professional package and basic loan discounts are available.

Renovate Your Home in Alabama with a Renovation Loan from Weber Mortgage

To renovate your Alabama home, your best move is to get a renovation loan from Weber Mortgage. As a family-owned company, we understand how important it is to find a renovation loan that meets your needs and your budget while upgrading your property and enhancing your investment. To learn more, contact us online or give us a call at 205-751-8583. Let us help you take the first step toward owning your dream home in Rutledge, Samson, Birmingham, Huntsville, Mobile, and other cities within our Alabama service area.