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Buying a Home with a VA Renovation Loan!
Dated: July 29 2019
Because the Veteran Administration requires that a property meet minimum property standards in order to qualify for VA financing, it is not uncommon for deals to fall through during the inspection phase. The seller may not want to pay for all the repairs needed to ensure the home meets the VA’s high standards.
With a VA Renovation Loan the buyers may be able to move forward with the purchase of a home they love, while borrowing the additional funds needed to fix the issues with the property, still with zero down payment.
VA Renovation Loan Basics
- Purchase and Refinance Options
- Used to finance minor remodeling and non-structural repairs
- There is no renovation consultant requirement
- Fully Amortizing
- Fixed Rate 10 year, 15 year, 20 year, 25 year, and 30 year term options One or
- Two Unit Homes
- Primary Residence Only
The VA Renovation Loan brings together some of the most innovative and attractive features of several popular mortgage programs. It provides no money down financing that covers not only the current value of the property, but the cost of remodeling and repairs as well. However, in a recent national survey, two-thirds of veterans said they are not fully aware of how to qualify for a VA loan nor the benefits of securing one. Additionally, we found less than half (44%) of veteran homebuyers used a VA loan. Veterans under 45-years old (60%) were much more likely to have a VA loan versus their older counterparts (37%).
Do you know about the "BAH” benefits?
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