Equity Build-Up Program
We want to incentivize you to start building equity and increasing your home's value right away. With our Equity Build-Up Program, you can deduct the cost of eligible repairs (up to 5% of the cost of your home) off the total remaining amount you owe on your home. Eligible expenses are credited as a reduction in the total principal owed on your home (similar to if you made an additional principal payment). Going forward, your monthly payment amount will stay the same, but the number of payments you need to make will be shortened.
If you have already completed a qualifying renovation or improvement you can submit documentation for review here
How it Works
1. Within 1 month of becoming a Thousand Keys client, fill out the form below letting us know you are interested in participating in the Equity Build-up Program and the renovations or repairs you intend to perform on the house. For reference, the list of eligible repairs include:
- Interior paint
- Mold mitigation
- Window repair or replacement
- Plumbing, electrical and heating upgrades
- Roofing repair
- Bathroom fixtures and/or cabinet doors
- Kitchen fixtures and/or cabinets
- Flooring repair or replacement
- Exterior siding repair including soffit, fascia and siding
- Deck repair, including steps
- Outdoor trash removal, including dumpster
- Exterior paint
- Well and septic
- Window screen replacement
- Caulking and weather stripping
- Mitigation for water in basement
- Replacement of missing door knobs
- Replacement or repair of gutters and downspouts
Once your lender confirms your home is eligible for the Equity Build-Up Pogram, you will have another 5 months to complete your renovations.
2. Upon completing the renovations, you will submit to Thousand Keys your receipts and “before” and “after” photos of your work as proof of completion.
3. After Thousand Keys confirms receipt of your supporting documentation, we will work with your lender to process the request for a reduction in principal. Please note it may take up to 2 months after you submit receipts before your loan servicing statements reflect the reduction in principal.
*Note, the Equity Build Up Program is available on most, but not all, listed properties. Please feel free to verify with a Thousand Keys Representative if the home you are looking to purchase qualifies. This Program relies on participation of the property owners and lenders that Thousand Keys represents, and although we strive to offer this program to all potential Thousand Keys customers, we cannot guarantee that all properties listed at a given time qualify. Please do not hesitate to ask!
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