Skip to content
Home / Renovation Loans

Renovation Loans

TEGFCU Mortgages icon

Renovation Loans

TEG’s Renovation Loan is a mortgage loan that includes funds for renovating, remodeling, and repairing a home.

What is a Renovation Loan?

TEG’s Renovation Loan is a mortgage loan that includes funds for renovating, remodeling, and repairing a home. It is one loan with one monthly payment; you do not have to take out a loan for the mortgage and another loan for home repairs.

The TEG Renovation Loan can be a purchase mortgage with additional funds for renovations or a refinance of your current mortgage with extra funds towards remodeling or repairing.

The renovation money goes into a separate escrow account that is used to pay contractors. Borrowers do not have access to the funds as they would with a home equity loan or cash-out refinance.

If you do not have enough cash to finance renovations or repairs and do not have enough equity for a cash-out refinance, a renovation loan may work for you. You can also use a Renovation Loan to purchase a new home that needs work. The loan is qualified based on the as completed value and condition of the property.

Cover of TEGFCU Renovation Loan Guide pdf

Start your homebuying journey with tools and resources to help you better understand the mortgage process.

Not sure where to start? Our Mortgage loan officers are here to help.

Select a mortgage officer and submit your application. We will estimate how much you can borrow, your interest rate and the monthly payment that you should qualify for.

Matthew Bannan

SENIOR MORTGAGE OFFICER

NMLS# 404022
Jessica Schoen headshot

Jessica Schoen

Senior Mortgage Officer

NMLS# 22486
Jeffrey Shields headshot

Jeffrey Shields

Mortgage Officer

NMLS# 1466211
Scott McNally headshot

Scott McNally

Mortgage Officer

NMLS# 1841508

Darren Dibenedetto

Senior Mortgage Officer

NMLS# 404038

Find helpful articles, tools, and other great resources to help you with your homebuying journey.

Apply for a TEGFCU Mortgage

To apply for a mortgage, you must either be a current member or become a member before closing. Membership is open to anyone (and their immediate families) who lives, works, worships, or attends school in Dutchess, Orange, Ulster, Putnam, Rockland, Sullivan, and Westchester County, NY with an initial $5 deposit, as well as Members of the Dutchess County SPCA or Child Care Council of Dutchess and Putnam Inc which are headquartered in our field of membership. Also, if you are purchasing a primary residence in one of these counties you are eligible for membership.

Apply for a TEGFCU Mortgage

To apply for a mortgage, you must either be a current member or become a member before closing. Membership is open to anyone (and their immediate families) who lives, works, worships, or attends school in Dutchess, Orange, Ulster, Putnam, Rockland, Sullivan, and Westchester County, NY with an initial $5 deposit, as well as Members of the Dutchess County SPCA or Child Care Council of Dutchess and Putnam Inc which are headquartered in our field of membership. Also, if you are purchasing a primary residence in one of these counties you are eligible for membership.

We Do Business in Accordance with Federal Fair Lending Laws – Fair Housing Poster.

Home Mortgage Disclosure Act Notice – The HMDA data about our residential mortgage lending are available for review. The data show: Geographic distribution of loans and applications Ethnicity, race, sex, and income of applicants and borrowers Information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s website.

You are now leaving TEG Federal Credit Union

Modal called incorrectly.