Finance upgrades to your new build with your mortgage
Rate’s Dream Bigger program lets you hire a third-party contractor and include the cost of the project in your mortgage.
- Perfect for custom pools, landscaping, fences, decks and more.
- Finance in one loan without digging into your savings or taking out a HELOC.
- Upgrade your home faster without delaying your close date.
- Use a third-party contractor if the builder doesn’t offer your desired upgrade—putting you in control of the project budget!
Qualifications:
- Fannie Mae and Freddie Mac conforming and high balance conventional products only
- Loan limits apply to total loan amount
- Total cost of improvements must be $3,000 or higher
- Cost of improvements must not exceed 15% of the as completed appraised value for Freddie Mac and 10% for Fannie Mae
*New build/new construction only. Third-party contractor is paid up to 50% of material costs at close and allows for up to three additional disbursements after closing. Everything held in escrow for third-party contractor. Project must be completed within 90 days of close, subject to exception depending on scope of project.
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Rate for current rates and for more information.