Start with the scope of work
List necessary repairs separately from desired upgrades. Ask which work the program allows, whether the home can be occupied during renovation, and whether a consultant is required. Do not assume every contractor or do-it-yourself project is eligible.
Budget beyond the purchase price
Request a breakdown of contractor bids, inspections, permits, financing costs, and contingency funds. Discuss where you will live during the work and how delays affect your budget. Confirm how the lender evaluates the completed property’s value.
How is the contractor paid?
Ask about repair escrow, staged disbursements, inspections, completion deadlines, and change orders. Get the process in writing before agreeing to a construction contract. Renovation funds are not necessarily unrestricted cash paid to you at closing.
Prepare for your conversation
Write down your comfortable monthly payment, available savings, property plans, and timing. Ask which documents are needed for your income type and use the secure application portal for financial records. For a home purchase, leave room in the budget for maintenance and expenses beyond the mortgage.
Questions worth asking
- What could change my eligibility or costs before closing?
- What cash will I need at closing, and what should remain afterward?
- Which alternative would you compare with this loan, and why?
Sources and further reading
Educational information prepared September 16, 2026. Program availability and individual terms must be confirmed for your situation.