Joint Base Charleston Real Estate

VA Renovation Loan

January 26th, 2018 2:20 PM by Jodie Ford

VA Renovation Loan

A VA Renovation Loan may be the right loan option for you if you qualify for a VA Loan and are looking to make home renovations.  This loan allows borrowers to bundle renovation costs into their VA home loan, so you can make the changes you want, with one loan, one rate, and one monthly payment.  

The VA Renovation Loan allows borrowers to make home repairs or improvements totaling up to $35,000.  Loan amounts are based on the appraised value of your home after improvements have been made.  This loan product is not applicable for major renovations, but rather intended for upgrades to a new or existing home.  

Down Payment: 0%
Minimum - Maximum Repair Limits: Up to $35,000
Minimum Credit Score: 640 (purchase) 660 (refinance)
No Mortgage Insurance
Primary Residence Only
Repair Type: Alterations, minor repairs and improvements
Additional Requirements: Borrower must acquire or already have a VA loan


My Favorite Blogs:

Sites That Link to This Blog: