And eligible borrowers can get a very low interest rate. No down payment or mortgage insurance is required. ![]() “VA renovation loans can be used for refinancing purposes, but in this case they essentially serve as a supplemental loan to repair your property in addition to traditional VA refinancing.” “That’s because a portion of the loan includes the expenses associated with renovating the property,” he explains. “While traditional VA home loans simply finance the purchase or general refinancing of a home, a VA renovation loan has broader applicability,” says Wayne Brown, former Captain for the United States Air Force and director of business development at Pensioned American Retirement Company. To be eligible for VA financing, you or your spouse need to be a veteran or active-duty service member. ![]() Current homeowners can use the VA rehab loan to refinance a property they already own and plan to repair. Like all VA mortgages, the VA renovation or ‘rehab’ loan offers extra-low interest rates and the opportunity to buy a home with zero down payment.īut this is not just a home purchase loan. The VA renovation loan program lets you buy a house in need of repairs and fix it up - all with a single mortgage loan. Things to consider before buying a fixer-upper.And explore alternatives in case this option isn’t available to you. Look closely at a VA renovation home loan and learn how it works. And qualifying could be more difficult than you expect. ![]() That’s because, if you’re eligible, you could receive a VA renovation loan that will let you buy and renovate a home with no money down and at a great interest rate.īut finding a VA rehab loan lender might be tricky. If you’re a veteran or service member and want to purchase a fixer-upper, you may be in luck. Novem8 min read VA renovation loans: Buy and fix up a home with one loan
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