VA Renovation Loans Avaialble in Hampton Roads

Hello Hampton Roads,

A Veteran's Administration (VA) loan for active duty and retired home buyers is a fantastic loan product that offers 100% financing/no down payment, no PMI (Private Mortgage Insurance), and has competitive interest rates.  For a buyer, about the only thing missing is the ability to fix up a home and finance in the costs of repairs--that is, it was the only thing missing until now!

VA renovation loans provide all the benefits above and are available in Hampton Roads. Not every lender can originate this loan so it's best to ask your lender if they provide this product.

This opens up the door to a wider range of properties that are typically sold "AS IS", such as foreclosures and short sales.  Using this product can unlock the equity potential of homes that needs some work and have no major structural issues. 
It's the only 100% financing, renovation loan on the market.  

All other renovation loans such as the FHA and conventional rehab loans require between 3.5%- 5% down.

Here are some of the highlights:

  • Renovations and repairs between $5,000-$35,000 are allowed
  • No structural repairs
  • Renovation costs are financed into the loan (The home's value after repairs is taken into account.)
  • No down payment/640 minimum credit score required
  • Repairs must start within 30 days of closing and be complete within 90 days
  • Licensed contractors must be used
  • Borrower cannot do his or her own repairs

Chances are most homes, unless you are purchasing new construction or a full rehabbed home, will need some kind of renovation or updating. If you are a VA buyer, and don't have the funds to do the renovation work yourself, it just makes sense to take advantage of this opportunity!

Thanks for Reading,






_________________________

Serving your Hampton Roads and Virginia Beach Real Estate needs. Liz Schuyler on Google+


Comments

Popular Posts