15–30 min
The conversation
Text or call Ashland with the address (or the dream). She maps your credit, budget and project onto the right program — 203(k), HomeStyle, CHOICE, or VA — before you fall in love with the wrong plan.
The process
Eight phases, zero mystery
A renovation loan adds a few steps to a normal mortgage — the bid, the as-completed appraisal, the draws. Here's the whole thing, honestly timed.
24–48 hrs
Pre-approval
Standard mortgage pre-approval, sized for the combined purchase-plus-renovation amount. Now your offer and your renovation budget are both real numbers.
1–2 weeks
Scope & contractor bid
You define the project; a licensed contractor prices it in a written, itemized bid. On a 203(k) Standard, a HUD consultant prepares the formal work write-up. Our checklists make this painless.
~1 week
The as-completed appraisal
The appraiser values the home as if the renovation were already done — using the plans and bid. This "as-completed value" is the number the whole loan is built on.
2–3 weeks
Underwriting
Underwriting reviews you AND the project: income, assets, the bid, the contractor's credentials, the appraisal. The Lending Lakes team quarterbacks every document so nothing stalls.
1 hour
Closing day
One closing covers everything. You get the keys; the renovation funds go into an escrow account — safe, allocated, and ready to pay for the work as it completes.
2–12 months
Renovation & draws
The contractor works; the lender releases escrowed funds in "draws" as each phase passes inspection. You're never fronting the money, and the contractor is never paid for unfinished work.
🎉
Final inspection & done
The last inspection signs off, the final draw pays out, and any leftover contingency reserve reduces your loan balance. You're living in the house you actually wanted — on one payment.
The part everyone asks about
How draws actually work
Your renovation money doesn't go to you, and it doesn't go to the contractor all at once. It sits in escrow, and it's released in stages — "draws" — as work passes inspection. Demo done? Draw. Rough-in inspected? Draw. Final walkthrough? Final draw.
It's the built-in accountability that makes renovation lending safer than handing a contractor a lump sum — the money always follows the finished work, never the promise of it.
what if the contractor finds surprise problems mid-project?
That's what the contingency reserve is for — 10–20% of the budget set aside up front for exactly that. Old houses keep secrets; the loan plans for it. 🕵️
Every milestone, communicated
You'll never wonder what's happening
The Lending Lakes team runs milestone updates at every phase — pre-approval, appraisal in, underwriting clear, draw released. If something needs your attention, you hear it from us first, with the fix already in motion.
Ready to start phase 01?
It's a text message. Send the address, the wish list, or just 'hey' — Ashland takes it from there.