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. This program is intended for minor updates and work done on the home, with no minimum or maximum renovation cost requirement.
Program overlays and eligibility during the pandemic include:
- Conforming Loan Limits only
- If Refinance transaction, limited to 100% LTV
- Home must be habitable during renovation,
VA Renovation Loan Basics
- Purchase and Refinance Options
- Maximum renovation cost of $100,000
- Used to finance minor remodeling and non-structural repairs
- Renovations greater than $50,000 require a 203(k) HUD Consultant
- 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