Does the VA offer rehab and renovation loans?
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- เผยแพร่เมื่อ 5 ก.พ. 2025
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Video Description:
If you've ever watched the popular show Fixer Upper, you might have thought about getting a home that you could improve and repair yourself. However, while the VA loan program does technically allow what they call "rehab and renovation loans," there's a lot more you need to consider before trying to get one.
On one hand, VA rehab and reno loans still come with all the great benefits found with other VA loan types, like no down payment and no mortgage insurance. But they also come with some restrictions, such as limits on not just the TYPES of repairs you're allowed to make, but also limits on how MUCH these repairs can cost.
In addition, they're tricky to get. Not only do you have to get itemized quotes from a contractor regarding the needed improvements and repair, but you're also borrowing money based on how much an appraiser THINKS the home will be worth, once the repairs are completed. For lenders, giving out money on an estimated future value is really risky, so very few of them are willing to offer VA rehab loans. Instead, you might need to explore some other options, some of which we cover in the video.
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About Low VA Rates:
Low VA Rates is a VA-approved mortgage lender that was built out of a desire to help veterans access their VA home loan benefits. With over 10 years of experience specializing in the VA loan, you can trust the Low VA Rates team to help you find a mortgage with great rates and terms.
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This video is not intended for residents or homeowners in the states of NY or MA.
This channel has officially covered every one of my VA Loan questions.
Now that may be one of the best comments ever! We are glad to hear this and would invite you in return to give us a shot at doing your loan too!
@@lowvarates I most certainly will.
@@6364LEGACY awesome!
What about to finish a basement?
You bet you can
Can I renovate a kitchen, bathroom add floors with this kind of loan.
If you already have your home loan, a a refinance into this loan may be possible. Or you can look into doing a cashout loan. Give us a call!
Well hurry up and get the experience so we can get this type of loan.
I wish we could. It’s really a loan that is unlikely will ever really take off.
The spouse and I use this method and it is so much red tape. However once past the red tape it is super valuable. Where can I find the full compressive list of allowable renovations?
Who did you go with to do this loan?
The VA will never give comprehensive lists, they don’t provide this on any loan program. The lender you go through however may.
@@elbucio4462 fairway mortgage
Anyone know any lenders that will do this.
We now do them. Call our office and ask for Russ Murphy
@@lowvarates will do tomorrow thank you.
Key is finding a lender to do this loan. My local lenders are clueless to all the VA loan options available.
100% agree. LowVARates is not capable currently of doing them either.
This is why I had to go elsewhere for this type of loan. I sure hope Low VA Rates can offer this in the future. Thank you for posting this.
We would love to but so far no luck. Our experience is that the rates on the rehab loans are a bit higher so come our way for the streamline if it makes sense. Who did you go through?
Honestly, if people are using this to avoid paying the current prices on the market because of the WFH boom, you might wanna wait until we either crash or 2-3 years from now when everything starts to chill out. There's too much hype and uncertainty going around.
When the market cools off rates will certainly be higher so consider waiting carefully