As with any VA loan the borrower must be a qualifying active duty member of the US military, veteran, or surviving spouse. Other requirements of this program include:
- Repairs must be minor remodeling or cosmetic in nature and not on the list of ineligible repairs
- Construction must be completed within four months of closing
- Only one General Contractor may be used
- General Contractor must be registered with the VA
- General Contractor must carry sufficient insurance through a current general insurance liability policy
- 620 minimum FICO score (640 Minimum Qualifying Credit Score for all qualifying borrowers when the loan amount is exceeding the VA county loan limits.)
Borrowers will also need to meet the income, asset, and minimum property standard requirements of VA loans. There are geographic restrictions associated with this program, rendering the following states ineligible:
- Alaska
- Hawaii
AFR does not operate in the states of Hawaii and Alaska and does not permit loans with a subject property in Hawaii or Alaska.