VA renovation loans let Veterans buy and fix up homes! Learn how. #VARenovationLoan
Many Veterans believe VA loans are only for move-in-ready homes, but that’s a myth. VA renovation loans allow you to buy a fixer-upper and finance repairs in one loan, all with no down payment. Let’s bust this misconception and explore how VA renovation loans work for Veterans.
Why the Myth Persists
The standard VA loan process focuses on homes meeting Minimum Property Requirements (MPRs), leading some to assume fixer-uppers are ineligible. However, VA renovation loans are specifically designed to cover both purchase and repairs, making home improvement accessible.
The Truth About VA Renovation Loans
One Loan, Two Purposes: Finance the home purchase and renovation costs (e.g., kitchens, roofs, HVAC) in a single VA loan.
Zero Down Payment: Like standard VA loans, no upfront cash is needed, up to the loan limit.
Eligible Repairs: Covers structural, safety, or cosmetic upgrades, subject to VA approval.
How to Get a VA Renovation Loan
Find a VA-approved lender experienced in renovation loans, as not all offer them. Identify a fixer-upper and work with a contractor to estimate repair costs. Submit a renovation plan to your lender for approval, ensuring repairs meet VA guidelines. Close the loan and start your home transformation.
VA renovation loans open the door to fixer-uppers, letting Veterans create their dream home with no down payment. Don’t let myths limit your options—explore this powerful VA benefit today.
Ready to buy and renovate a home with a VA loan? Contact John Burke, VA Mortgage Specialist, at jburke@valoansdoneright.com or call (877) 228-9069 to explore your VA loan options.
