1 year ago the VA Renovation Loan was paused due to COVID. Today home inventory is low in many areas. The Renovation Loan can help solve that. How can we bring it back?!
@Macias Jonathan I'm not familiar with the VA Renovation loan, but how does another type of loan cause more houses to be on the market?
@Chris Davidson good catch. More home options for VA buyers who can not purchase a home with the standard VA loans, because they require repairs. The VA Renovation Loan would allow homes that need repairs to be bought
@Macias Jonathan So they ended the program last year? Was it like the FHA 203k loan program? Learning something every day
@Chris Davidson yes it was the VA's option for that program. It was in existence 3-4years ago but Short lived! Most lenders and mortgage brokers are unaware of this program.
(Real Estate Agent) example: I had an offer on a home using the standard VA program, we could not close unless the sellers did $1000 worth of repairs. They did not want to make the repairs, therefore the VA appraisal would not let us close. Hands tied.
For the investing side: I want to purchase a home but it could use renovation and updates. The Renovation loan would make that easy. Up to 50k in renovations.
@Chris Davidson it wasn't ended. It was paused March 2020 due to COVID concerns for VA home appraisers
@Macias Jonathan thanks for the info will have to keep an eye on that as things settle out to see if it comes back.