We now offer a VA Renovation Loan!
VA Renovation Loan Purposes:
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- Purchasing a home and need to make improvements/repairs
- VA Appraisal requires repairs – Can use this loan to make repairs
If you are purchasing an existing home and find that it needs improvements or repairs are needed, you can utilize this loan program. This loan allows you to do the entire loan at once and there would be no need for you to take out a second loan after you purchase or refinance.
VA Renovation Loan Requirements:
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- Home purchases only (no refinances)
- Minimum Credit Score: 580
- Bid amount cannot exceed $50,000 or up to 10% of the loan amount
- The loan amount can be up to 100% of the appraised value (appraisal is based on proposed improvements made)
- Owner-occupied
- 1-2 unit existing property
- Minor Remodeling and NON-STRUCTURAL repairs
- “Do it Yourself” is not allowed
- Loan term is a 30 year loan
- There is a 4 month maximum renovation period
- Up to 3 draws are allowed
