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Home Improvement Line of Credit Guidelines & Highlights

Personal Banking


a financing solution so you can


With a home improvement line of credit you can borrow up to 85% of the post home improvement value of your home to make renovations, accessing funds throughout the various stages of the construction or renovation process.

how does a home improvement line of credit work?

Financing is calculated using the post home improvement value of your home. You and your builder or contractor supply Univest with the plans for your home improvements and together agree upon a schedule for disbursements based on when the renovations will be completed.

loan guidelines and highlights

  • Available on owner-occupied or second homes in Pennsylvania and New Jersey
  • Loan amounts up to $350,000
  • $150,000 maximum renovation cost (including 10% contingency)
  • 10-year draw period with a 15-year repayment period
  • Maximum of 6 draws on the loan during the draw period
  • Builder or contractor review by Univest is required and is valid for one year from date of acceptance
  • Builder or contractor must submit bid, proposal or agreement, draw schedule, a signed Univest Builder Assignment Letter, and plans and specifications for work to be completed
  • Funds greater than the cost of constructions cannot be drawn until all construction has been completed
  • A 10% contingency reserve is required and will be held in escrow until completion of the project. At completion, any remaining balance will be refunded.

types of improvements and renovations

  • Additions
  • New kitchen
  • Creating separate living spaces
  • Complete remodel
  • New porch, deck or swimming pool
  • Finished basement
  • New roof
  • Replacement doors and windows
  • New septic systems
  • Energy efficient upgrades

Get Pre-qualified Today!

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next steps

Looking for expert tips and advice? Get in touch with a Univest Home Loan Consultant for additional information or to discuss the financing options best suited for your situation.

Check it out! Resources are also available on the Univest Blog

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