We now offer a VA Renovation Loan!
VA Renovation Loan Purposes:
- Purchasing a home and need to make improvements/repairs
- VA Appraisal requires repairs – Can use this loan to make repairs
If you are purchasing an existing home and find that it needs improvements or repairs are needed, you can utilize this loan program. This loan allows you to do the entire loan at once and there would be no need for you to take out a second loan after you purchase or refinance.
VA Renovation Loan Requirements:
- Home purchases only (no refinances)
- Minimum Credit Score: 580
- Bid amount cannot exceed $35,000
- The loan amount can be up to 100% of the appraised value (appraisal is based on proposed improvements made)
- Owner-occupied
- 1-2 unit existing property
- Minor Remodeling and NON-STRUCTURAL repairs
- “Do it Yourself” is not allowed
- Loan term is a 30 year loan
- There is a 4 month maximum renovation period
- Up to 3 draws are allowed
To get Started With a Texas Vet or VA Loan today, call us or fill out the short form on this page and we’ll help you get pre-qualified for a Texas Vet or VA Home Loan.
Texas Vet & VA Loan Specialist Shirley Mueller
Since 2003 Shirley has originated well over 1500 Texas Veteran and VA Loans. She has helped Veterans in almost every possible circumstance including active duty personnel deployed overseas, returning home, with PCS orders, as well as separated and retiring Veterans. – Read More
