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Private Lending & Conventional Mortgage Advice

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Rebecca Webbe
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Need information on VA loans that have money for home renovations

Rebecca Webbe
Posted Apr 22 2023, 11:33

Does anyone know if there are VA loan options similar to a 203k FHA loan that has money for renovations rolled in?

Thanks!

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Joel Allen
  • Rental Property Investor
  • San Antonio, TX (Lender in TX and SC)
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Joel Allen
  • Rental Property Investor
  • San Antonio, TX (Lender in TX and SC)
Replied Apr 22 2023, 13:25

@Rebecca Webbe

Standard VA home loans are intended to put military members and veterans into move-in ready homes that don't require significant repairs.

However, there is a separate loan product called the VA Renovation loan, which essentially packages a home purchase loan and a home improvement loan into a single product. This allow veterans to purchase a home in need of renovation/repairs and fund those renos/repairs as part of the mortgage. The general eligibility criteria for a VA Renovation Loan mirror the standard VA loan, but it does require extra steps because it involves quotes and work from a contractor registered with the VA.

Not every lender offers the VA Renovation loan, and lenders may have different limits/overlays. For example, the lender I work for has a $50K cap on the renovation cost for our VA Renovation loans.

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Rebecca Webbe
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Rebecca Webbe
Replied Apr 22 2023, 14:02

Thank you very much for the information!

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