The VA rehab loan enables veterans and current military members to finance a home with additional funds for remodeling or non-structural repair.
This renovation mortgage requires NO DOWN PAYMENT and is ideal for purchasing foreclosures, short sales or homes that just need some minor improvements and updates.
It is also great for refinancing. For instance, Jack loves his home and doesn’t want to move, but he also needs to update his kitchen. Unfortunately, he doesn’t have the funds to do so.
Not a problem.
The VA rehab loan may be used for fixing things that are non-structural, like a kitchen. For example, a swimming pool may be removed or repaired, but a well or septic system may not be installed. If you have something you are interested in installing or repairing with this loan, call us first to see if it’s eligible at 813-707-6200.
Think of this like a VA 203k loan, or a VA HomeStyle mortgage – except this is the VA’s product. The total renovation cost may not exceed $35,000, including contingency funds and all inspection fees, and there is no minimum cost.
Further allowed to be included in the financing are any inspection fees performed during the construction, an update to title work, permits and, of course, the costs of renovation.
The work to complete the project may not exceed 4 months (120 days).
Like a regular VA or VA construction-to-permanent loan, this renovation mortgage may only be used for primary residences. A property may not have more than two units, which can be either attached, or detached.
Florida Mortgage Firm not only offers the VA renovation mortgage, it also employs veterans who may work on your file. Call us at 813-707-6200 or fill out the form below if you are interested in this.