VA Renovation Fixed Rate Loan
If you are a veteran or on active duty, you could qualify for a VA renovation home loan that will finance the purchase and costs to renovate a home in one affordable home loan.
With 15-year and 30-year loan terms available, the program will finance the cost of repairs and renovations up to 25% of the “after improved” appraised value of the home. Qualified applicants may be eligible for up to 100% financing (even if used previously).
Renovations must be permanently affixed and add value to the property. All repairs and renovations must be completed by a contractor of your choice within 60 days of closing. The contractor must be licensed, registered with the VA, and provide VA builder ID number.
Please note: The VA has this loan program on hold during the COVID-19 period.