VA Renovation Loan
VA Renovation Loan
The VA renovation loan is sometimes called the “unicorn loan”. imortgage is one of the only companies marketing the product aggressively. VA renovation loans help veterans to buy homes needing updates or repairs that would otherwise put homes out of reach for veteran buyers. Similar to VA construction loans and FHA 203k limited renovation loans, the VA renovation loan is guaranteed by VA for veterans to buy and renovate existing property using their VA benefit for purchase or refinance. The specifics can be found in the VA handbook for alterations and repairs for purchase or refinance for home loans.
The process for VA renovation loans works like this: The veteran completes the VA loan application just as they would a regular VA purchase and provides a contractor and bid for VA approval and future value based on the improvements being completed in the NOV ( Notice of Value) or appraisal. The plans and specifications for the improvements must be itemized along with an estimate for how long the construction period will last and is limited to mainly cosmetic repairs, deferred maintenance and upgrades with a total project cost around 35,000.
If you think this is too good to be true, see one of our recent VA renovation loan client testimonials in purchasing a Freddie Mac foreclosure and including all of the repairs. Tom was able to get the home of his dreams where other lenders told was not possible. He even had other lenders refute the program even existed. Its not too good to be true, it is possible and he has his story to share below.
Home improvements include but are not limited to roof repairs, flooring repair, heating and cooling systems, wood rot decay, windows, doors, bath and kitchen remodels and much more call to ask for assistance of you project!