Second Mortgage

Improvements made with the funds from a Second Mortgage Home Improvement Loan must make the property more livable and useful. For example, you can make the following types of improvements:

• New roof or flooring
• New plumbing or heating systems
• New built-in appliances like a dishwasher or oven
• Energy efficiency improvements, including solar panels
• Accessibility improvements like ramps or widened doorways

You can’t use a Second Mortgage Home Improvement Loan to finance personal property items, such as removable appliances.

In many cases, we can give you an answer in just a few days.¹ However, if we have to ask for additional paperwork to support your application, then your decision could take a little longer.

Minimum loan amount:  $25,000 

Maximum loan amount: $500,000 

• Itemized bids/materials list must be provided 
• Licensed, bonded contractor bid required for projects exceeding $50,000 

A 10% contingency reserve will generally be added to the bids; if actual costs do not exceed bids, excess funds will be applied as a principal reduction after completion of project.   

Ineligible properties include:

• Manufactured Homes 
• Properties exceeding 20 acres – it is not acceptable to have property appraised with only 20 acres to meet eligibility
• Unique properties (dome homes, earth berm homes, etc.). 
• Commercial or multi-use properties

The property must be the primary or secondary home.

All financed properties MUST be accessible from either a state or federal road highway system or a marine highway system