Renovate America Financing

http://www.renovateamerica.com/

The Product

Renovate America offers two different home improvement financing options for homeowners:

HERO offers an innovative financing solution for home efficiency upgrades, with payments made along with your property taxes.
Benji offers simple, flexible financing for almost any home improvement, with competitive rates, flexible plans, and special financing options.

HERO Overview:

• Loan Type: Secured (PACE)
• APR: 6.75% – 8.35%
• Available Term Lengths: 5 – 25 years

Typical HERO Requirements: (may vary for each individual)

• Applicant(s) must be the owner(s) of record for the property
• Mortgage-related debt on the property must not exceed 90% of the value of the property
• Current on property taxes and no more than one late payment in the past three years
• Current on all mortgages of subject property and no more than one reported late payment in the past 12 months
• No bankruptcies within the past two years, and the property must not be an asset in any bankruptcy proceeding
• No involuntary liens on the property in excess of $1,000 (e.g. federal or state income tax liens, judgment liens, mechanic’s liens)
• $5,000 minimum financing; maximum financing is 15% of property value

BENJI Overview:

• Loan Type: Unsecures
• APR: 6.99% – 9.99%
• Available Term Lengths: 5-10 years
• No interest, no payment special financing plans available1

Typical BENJI Requirements: (may vary for each individual)

• Loan Amount between $2,000 and $50,000
• Minimum FICO Score of 600

1No payments are required during the promotional period following project completion.   Thereafter, substantially equal monthly payments are required for the remainder of the financing term until the unpaid balance of the amount financed is paid in full.   Interest will accrue during the promotional period, but will be waived if the amount financed is paid in full prior to the expiration of the promotional period.