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VA Renovation Loans.
You Served, You Earned It!
The Zero-Down Payment Renovation Mortgage for our Veterans and Current Military Personnel
VA Renovation Loan Program Benefits
- The VA Renovation Loan program allows VA eligible borrowers to create one loan amount, including a repair budget to make alterations and even some structural repairs, which when:
- Purchasing a house can be combined with the purchase price
- Refinancing an existing loan can be combined with the current mortgage payoff amount
- Greater appraised value, as the VA Appraiser will determine the property value based on the “after-completed value” Vs. the current “as-is value”
- $0 down provided the loan amount doesn’t exceed the appraised property value or maximum VA County loan limits
- No Monthly Mortgage Insurance or PMI, saving you thousands over the life of the loan
- Flexible credit requirements, with credit scores down to 580
- Safe, secure 30 Year fixed rate mortgage or lower interest rates with an adjustable rate mortgage
- With seller help, no out-of-pocket closing costs
- Most property types allowed
VA Renovation Loan Qualification Requirements
- Property, including projected repairs from the Contractor Proposal, must meet VA appraisal guidelines
- Alterations and repairs to be ordinarily found on similar properties of comparable value in the community
- Home must be habitable at the time of the application
- Down payment required if loan amount exceeds maximum County VA loan limits
- Renovations must be completed in 9 months
- A third-party VA Approved Renovation Contractor must complete all repairs
- Borrower must be able to obtain a Certificate of Eligibility from the VA
- All borrowers on the loan must have a minimum 580 middle credit score
- No foreclosure or short-sales permitted within the last 2 years
- No Chapter 7 bankruptcies within the last year
VA Renovation Loan Eligible Repairs:
- Eligible Repairs:
- Alterations and repairs to be ordinarily found on similar properties of comparable value in the community
- Structural alterations:
- Removing an interior load bearing wall
- Repairing some structural components of the roof
- Attached additions:
- Attached additions expanding the footprint of the home require second level project review prior to approval
- Repair/installation of private water systems (Wells)
- Minor repairs to Septic systems
- Cosmetic Repair
- Recreational/Luxury improvements require second level project review
- Ineligible Repairs:
- Major structural modifications, including tear downs, adding second floor, changing the elevation, etc.
- Oil tank repairs, removal, or remediation
- Any repairs or installations of a private waste management system, such as lagoons, cesspools, pits, etc.
- Major repairs or installation of septic systems
- Mold remediation
- Landscaping and site improvements
- Recreational and luxury improvements, such as new swimming pools, hot tubs, etc.
- Any repairs that will take more than 9 months to complete
- Any repairs that prevent the borrower from occupying the property for more than 15 days during the renovation period
- Any repair that is done as Self Help
- Note: Home must be habitable at the time of application
Talk to a VA Renovation Mortgage Expert
Not ready to apply online? No problem.
Answer a few questions, and a VA Renovation Home Loan Mortgage Expert will call you back.
Today's VA Renovation Loan Interest Rates
VA Renovation Loan interest rates change on a daily basis.
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