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Renovation Loan

Make Paying For The Project Easy

Apply & Close 100% Online
  • Overview

    Renovation Loan Advantages:

    1. Fast and easy to apply
    2. Loan amounts up to $30,000
    3. Terms up to 84 months*

    No Fees, or Downpayment

    If you’ve found your dream home, but it needs a few small fixes to be perfect, we can help.

    Get a Quote

    It Just Needs One Thing…

    You have a great home, in a great location. Although.. it just needs one thing to be completely perfect. Whether it needs fresh paint, new counters, the carpet needs to be removed, the cabinets won’t work, or any other cosmetic-type improvements, we can help ensure you have that in your budget!

    What if the furnace or roof leaks?

    A People Driven Credit Union Renovation Loan is for non-structural improvements, up to $30,000. These types of improvements include things like paint, carpet, countertops, cabinets, siding, air conditioning, heating, windows, a new roof, or accessibility enhancements.

    The Loan Department provided the most informative. Furthermore it was the most professional service I have ever experienced.

    Marleta

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  • Rates

    Home Equity Closed End Loans

    Rates Effective as of: 03-25-2023
    Other Info Max TermTerm Rate (APR)
    LTV Up to 80% 5 YearAs low as 5.84%
    LTV Up to 80% 10 Year As low as 7.34%
    LTV Up to 80% 15 YearAs low as 7.84%
    LTV 81% to 90% 5 YearAs low as 6.09%
    LTV 81% to 90% 10 Year As low as 8.34%
    LTV 81% to 90% 15 YearAs low as 8.84%

    APR=Annual Percentage Rate
    Interest Rate Fixed
    The approximate monthly payment would be approximately $19 per $1,000 borrowed at 5.84% for 60 months. Rates are subject to change at any time. Other conditions may apply.
    The lowest possible rate displayed above

    Rates Effective as of: 03-25-2023
  • FAQs

    Frequently Asked Questions

    • Conventional Products
    • Freddie Mac Fixed Rate
    • Fannie Mae Fixed Rate
    • Adjustable-Rate Mortgages
    • Home Possible (Freddie Mac)
    • Home Ready (Fannie Mae)
    • Construction
    • Super Conforming
    Government Products:
    • FHA
    • VA
    • RD/USDA
    • Copy of your driver’s license
    • Last 2 years W2’s
    • Most recent 30 days span of paystubs
    • Last 2 years Federal Tax Returns
    • Most recent two months bank statements, all pages
    • Contact information for homeowner’s insurance agent
    People Driven Credit Union wants to be your mortgage lender! We partner with Member First Mortgage to provide you with a wide range of mortgage services. Whether you are buying your first home, building your dream home, moving up, or scaling down, Member First Mortgage has many programs to fit your needs. Apply for your mortgage today by clicking the link or calling (866) 898-1818.

    Need help?

Ready to start?

Of course every situation varies, so if you're interested in our Renovation Loan

Apply & Close 100% Online
Disclosures

* Use of a calculator tool is not a guarantee of credit.

Excellent credit is required for the lowest rate.

Payment Example: Monthly payments for a $25,000 loan at 6.89% APR with a term of 12 years would result in 144 monthly payments of $255.63.

  • Enjoy the added convenience of making your payments with a Direct Deposit.
  • Fixed-rate, simple interest fully amortizing installment loans, no fees, or prepayment penalties.
  • Loan proceeds may not be used to refinance an existing People Driven Credit Union loan.

Whether you’re a first-time homebuyer looking for a mortgage or you’re looking to refinance your 15th home, we’ve got you covered.  People, Driven Credit Union is one of the largest credit unions in Metro Detroit.

*APR = Annual Percentage Rate. Your actual APR will be determined at the time of disbursement and will be based on your application and credit information Rates quoted assume excellent borrower credit history. Not all applicants will qualify for the lowest rate. The rate you receive on your loan will be the rate in effect at the time of loan disbursal

People Driven Credit Union is an Equal Housing Opportunity NMLS #776727

The Federal Reserve  

Monday – Friday: 9 a.m. to 8 p.m. & Saturday: Noon to 4 p.m.

Application Processing

Monday – Friday: 9 a.m. to 5 p.m.

Mailing Address:

24333 Lahser – Southfield, MI 48033

E H L. People Driven Credit Union is an Equal Housing Opportunity Lender
All other trademarks are the property of their respective owners.

 

Renovation Loan

A home renovation loan can help you turn a fixer-upper into your dream house, but not without risks.

A home renovation loan is a type of loan that includes the costs of renovating a “fixer-upper.”

You might consider getting one if you’re interested in buying a home at a lower price point and taking on the costs of fixing it up. Buyers choose to do this for several reasons, including personal pleasure or as a way to gain equity faster than they normally would when buying a move-in-ready house since you’re more in control of establishing the value of your home.

  • Fixed-rate, simple interest fully amortizing installment loans, no fees, or prepayment penalties.
  • Loan proceeds may not be used to refinance an existing People Driven Credit Union loan.