I have a first mortgage with a 3% mortgage rate. I need to do a lot of renovations to my house, both exterior and interior. How can I get a renovation loan at a low rate where it can be interest only. I would want a drive by appraisal versus a full appraisal. What credit score do you need and what are the rate and term?

I have a scenario where my borrower would like to renovate their current home (No Mortgage) and the cost for the renovation would range from $50-60K. She’s a Teacher, Salaried with a $52K/year. With a FICO 635 Credit Karma and just bought a new car.

What can we offer her or her options?

Thank you