Buy or Refinance a home with your VA loan and get the financing required to repair, make modifications, or additions to your home.
A VA Renovation loan is financing for a home purchase or refinance that allows you to finance improvements, modifications, and additions to a home.
This type of financing is used often to make a home ready for a disabled veteran, fix a home that needs work before occupancy, increase the efficiencies of a home, build an addition, finish a garage etc.
There are two main considerations:
You can use the VA Renovation Loan to install or modify the home to make it more accessible to disabled Veterans. For example, you can increase wheelchair accessibility, install ramps, open up doorways and in some cases install an elevator.
You can repair or replace all parts of your roof system using the VA Renovation Home Loan. This includes gutters and down spouts.
You can repair or replace Health and Safety Hazards such as hand railings, electrical covers and more using the VA Renovation Home Loan. There are some items to consider before financing this type of repair.
If repairs or the addition costs are under $100,000 you can use the VA Renovation Loan to finance those additions or structural repairs. This includes new garages, finishing attic spaces, repair termite damage, etc.
If conversion is under $100,000 you can use the VA Renovation Loan to finance converting a single family home into a 2, 3 or 4 plex. You can also convert a multi-family building like a 5-6 unit building into a 1-4 unit multi-family.
If you have a landscaping project that will increase the value of the home, it is possible to finance it with the VA Renovation Home Loan.
You can repair or replace a Well using the VA Renovation Home Loan. There are some items to consider before financing this type of repair.
You can use the VA Renovation Home Loan, to repair or replace your septic or sewer systems.
No need to worry about chipped and peeling paint. You can use the VA Renovation Loan to paint the entire interior and exterior of a home.
You can use the VA Renovation Loan to remodel your bathrooms or kitchens.
You can use the VA Renovation Loan to repair, upgrade or replace windows in the home.
You can repair, upgrade, or replace your plumbing, electrical, heating and air-conditioning systems using the VA Renovation Home Loan.
Use your VA Home Loan to buy a home that needs repairs in order to meet VA guidelines or improvements you need to use the home.
Use your VA Home Loan to renovate, repair, improve or convert your home to suit your needs.
Any project that has a scope that is anticipated to take more than 6 months to complete cannot use a VA Renovation loan. Different financing will need to be used.
If repairs are over $100,000, you cannot use the VA Renovation Loan to finance home additions or structural repairs.
You need to do these things on your own. The VA Renovation Loan is not able to finance these improvements.
You cannot move your home to a new foundation. Yes, this is a thing, where people will move their house to a new foundation on a different property, but this is out of the scope of a VA Renovation Loan.
You cannot use the VA Renovation Home Loan to finance the conversion of a residential property into a mixed use or to a commercial property. It may be possible to convert from a commercial to a residential property. Call us for options.
Room additions or new construction of outbuildings, such as a detached garage or shop, needs to stay below $100,000 for the total scope of the project.
These are not allowed to be financed. These are typically low cost improvements.
You can repair a swimming pool, but you cannot install a new pool or tennis court. Swimming pool providers have their own financing and it is best to use theirs for pools or Tennis Courts.
It only takes about 30 to 60 minutes to fully pre-approve most buyers for a home purchase or refinance.
Use your VA Home Loan to buy a home that needs repairs in order to meet VA guidelines or improvements you need to use the home.
Use your VA Home Loan to renovate, repair, improve or convert your home to suit your needs.
