VA Renovation loans have a lot of hype today. Some didn’t know they existed, some refute the programs existence. The VA Renovation loan, or sometimes referred to as the the alterations for improvement and repair loan, is catching on and finally other lenders are starting to offer a VA Renovation product. But we would caution that you research the facts on what you are being served as some lenders are watering down their guidelines of what is possible with the program.
What VA Renovation Used to be
When the John Adams Team was introduced to loanDepot and VA Renovation loans almost 5 years ago, previously imortgage, they had great experience with production as renovation specialists for FHA and conventional renovation loans. Until this time the team had been placing Veterans in programs that could require mortgage insurance and large down payments as no one was offer the VA Renovation loan type.
Having served 5 years of service with loanDepot the team turned their existing renovation loan leadership to a team establishing themselves as the top performers of VA Renovation loans in the county for the company for the last 4 years running.
“The company has changed a lot about what we can now offer our veterans and service people. We have come a long way with this product and an proud to assist those who have served achieve the guidance they need to fulfill they dream using our product” – John D. Adams, Jr.
We used to be the only ones offering this product but that has all changed due to a recent circular from the VA completing a 6 page document on the VAs renovation loan procedures ( Alterations for improvement and repair loan )