HELOC For Home Improvement
Planning a remodel or repair? At least one HELOC we offer names home renovation as a use of the line, and the funds are drawn at closing so the project money is ready.
What a home improvement HELOC requires
Each item below is a requirement or rule of at least one HELOC we offer.
- Home renovation is listed as a purpose of the line, alongside debt consolidation and major purchases.
- The full line is drawn at closing at one program, and at least 75% at another.
- Later draws of at least $500, or $4,000 in Texas, while credit is available in the draw period.
- A home in acceptable condition. At one program, an appraisal with a condition rating of C1 to C4 is acceptable.
- If an automated value cannot confirm the home’s condition, you can choose a residential evaluation.
- At another program, card purchases and cash outs become available as you pay the opening balance down.
Renovation is a listed use
Money ready at closing
Draw again for later phases
Fixed or variable draws
Condition gets checked
Card purchases at one program
Can You Use A HELOC For Home Improvement?
Yes. At least one HELOC we offer lists home renovation as a purpose of the line.
A HELOC lets you borrow against the equity in your home and use the money for a project. At least one HELOC we offer lists home renovation as a purpose, along with debt consolidation, major purchases and other personal use.
The lines we offer are drawn at closing, all of it at one program and at least 75% at another, so the money is ready when work starts. At one program, later draws of at least $500 can cover the next phase while credit is available. For a loan built around the renovation itself, see HomeStyle renovation.
The home’s condition matters. One program checks condition through its automated value, and if that check cannot confirm it you can choose a residential evaluation. When an appraisal is used there, a condition rating of C1 to C4 is acceptable.
Why use Saxton for a home improvement HELOC
This page is for homeowners who want to use their equity to pay for a remodel, repair or upgrade.
Renovation Is Named
At least one program lists home renovation as a purpose of the line.
Funds Ready At Closing
The line is drawn at closing, so the project money is there when work begins.
Later Phases Covered
At one program, later draws of at least $500 can fund the next phase.
Fixed Or Variable
At least one program offers fixed or variable rate draws.
Condition Gets Checked
If the automated check cannot confirm condition, you can choose a residential evaluation.
Card Purchases Too
At another program, card purchases open up as you pay the opening balance down.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about using a HELOC for home improvement.
Yes. At least one HELOC we offer lists home renovation as a purpose of the line.
Yes. The lines we offer are drawn at closing, the full line at one program and at least 75% at another.
At least one program allows later draws of at least $500, or $4,000 in Texas, while credit is available in the draw period.
Yes. At least one program checks condition, and an appraisal with a condition rating of C1 to C4 is acceptable there.
At least one program lets you choose a residential evaluation instead.
At least one program offers card purchases once you pay down the opening balance.
Yes. A HELOC is a line on top of the mortgage you have. For a loan built around the renovation itself, see our HomeStyle renovation page.
Find out what you qualify for
Tell us about your project and we will show you which HELOC fits how you plan to pay for it.
Get Pre-Qualified- Consumer Financial Protection Bureau, home equity loan compared with a HELOC
- Consumer Financial Protection Bureau, mortgages
Loan amounts, rates, terms, and eligibility are subject to credit approval, asset and income verification, appraisal, and program guidelines. Draw requirements and variable rate terms apply. Program availability varies by state. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.