Turn your home into the space you've always wanted.
Your home is one of your biggest investments — and sometimes it just needs a little love. Whether you're dreaming of a kitchen remodel, a new roof, or a full addition, a Secured Home Improvement Loan gives you the funding to make it happen, using the equity you've already built.
What is a secured home improvement loan?
It's a loan backed by your home that's designed specifically for home improvement projects. Unlike personal loans or credit cards, this option typically offers better rates and higher loan amounts because your home serves as collateral. And the best part? You don't need to refinance your existing mortgage to access the funds.
Loan highlights at a glance
Loan amounts up to $250,000
A generous amount to tackle even major renovation projects.
Loan terms up to 20 years
Keeps your monthly payments manageable for an extended time.
Up to 133% Combined Loan-to-Value (CLTV)
Provides the ability to tap into more of your home's potential.
For home improvement purposes only
Your project will be fully funded, start to finish.
You'll need to include a bid or material list with your application, so it helps to have your contractor lined up before you apply.
Is this the right loan for you?
This loan is built for homeowners who:
- Own and live in their primary home (only single-family homes are eligible)
- Have a credit score of 660 or higher
- Have a debt-to-income ratio at or below 45%
- Have a clean mortgage history
- Are U.S. Citizens or Permanent Residents
Ready to get started?
Your home improvement project shouldn't sit on the back burner because of financing.
Questions? Contact our mortgage team at 405-685-6200 x660, or mortgage@usecreditunion.org
WHat about my credit history?
We understand that life happens. While we do have some credit guidelines in place, many past financial challenges won't stand in your way. Please note that we are unable to accept applications with any history of foreclosures, short sales, or deed-in-lieu, regardless of when they occurred, and mortgage late payments must not appear within the last 24 months. That said, a past bankruptcy is not an automatic disqualifier — as long as it was discharged at least two years ago with a clean financial record since, you're still eligible. Additionally, collections or charge-offs under $1,000 may remain unpaid without affecting your application, and medical collections do not need to be addressed at all.
How does my home get valued?
We use a few methods to determine your home's current value. Depending on your situation, we may rely on a full appraisal completed within six months of your loan date, or an Automated Valuation Model (AVM) with a confidence level of 80% or higher obtained within the last 90 days.
What do I need to apply?
Getting started is straightforward. To begin your application, you will need to have a few documents ready: proof of income in the form of recent paystubs, W-2s, or tax returns — self-employed borrowers will need to provide the last two years of personal tax returns — along with a bid or material list from your contractor, a title search on your property, and a valid photo ID with proof of residency or citizenship.