VA Renovation Loan Myths

There is a tremendous buzz around VA Renovation Loans today . They are similar to an FHA 203K repair loan but available for eligible VA beneficiaries (active duty or prior military). Many people don’t know these loans exist. Some naysayers even refute the program’s existence.  According to the VA Handbook 26-7, The Alterations for Improvement and Repair Loan Program ( VA Renovation loan) it is possible for a veteran to use their benefit to buy and include material and labor repair costs.  Other lenders are starting to offer a  VA Renovation products with limited capabilities. Research the facts on what you are being served andrely upon experience in this lending space.

Evolution of VA Renovation

Our personal experience with Alterations for improvement and repair started with our move to loanDepot almost 5 years ago, (previously imortgage). Prior to our arrival at loanDepot, no other lenders were offering the VA Renovation loan. We moved companies solely for the availability of this product. Having three local military bases and veterans that needed access to this product, our community was entirely underserved.

Four years later, we’ve transitioned our existing renovation loan leadership to a team of top performers of VA Renovation loans. Rated #1 VA Renovation production at loanDepot for the company for the last 4 years running. Dubbed number one VA Renovation production team in the country. Our true passion for the product is serving those who have served. It is our specialization to offer loan options for homes that would otherwise be out of reach for veterans. 

“The company has changed a lot about what we can now offer our veterans. We have come a long way with this product and proud to assist those who have served. Our commitment is providing Veteran guidance to using our product” – John D. Adams, Jr. 

Limited VA Renovation (Alterations for improvement and repair)

Not all companies will have the full VA renovation product. We, in fact, started out with similar limitations. The limited VA Renovation loan will only allow for similar repairs in the FHA 203k limited repair program ( Formerly streamline ). These repairs would include but not limit to cosmetic repairs like flooring, roofing, wood rot, kitchen remodeling,  bathroom remodels, electrical repairs, and appliances. Many will not allow  a Health, livability, Hazard or safety repair. Very similar to the FHA 203k limited program with a 35,000 cap.  Just like a regular VA loan the program will allow for as little as 0 down ( 100% Financing). You do have options to do more with the right company if they have the Standard VA Renovation program! 

Call us to guide you home! 904-639-5571

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 )