Young new investor currently living in CA moving soon to Jacksonville FL.
24 years old, credit is 760's, have a savings of 20k, no debt, no car payments, also am receiving disability benefits from VA.
Looking to see if anyone in the area has used the VA rehab loan or finding a LO who can make that happen.
Any information what’s so ever will be greatly appreciated! Thank you!
Hey Bobby, in my experience rehab loans for VA can be tricky because just as with any other loan you can only get paid up to what the ARV of the property will be. It limits you on what areas and types of homes you can look into. I had a customer a few months ago that was dead set on using a VA Rehab loan but nothing she could find, and the work she wanted to do, could justify the loan because of the ARV. She ended up going with a new build with a traditional VA loan.
If VA rehab loan is something you think you still want to pursue, give me a shout and I'll give you the info for a guy I've worked with.
I’m also a veteran so I understand completely with PCS moves. I’ll help anyway I can. Take care
@Kevin Kwiatek thank you Kevin! One question, if I were to use the rehab loan for say solar and other energy efficiency items. Would it be smarter to use a rehab loan or just a EEM Loan separate with a normal va loan.
@Bobby Danielson to be perfectly honest I don’t have any experience with EEMs. I’m sure they’re more common in California. What I do know is that an energy rater has to approve the home for energy efficiency before financing is accepted. In that case, I’m not sure how you would get financing on a rehab. That is unless you were to get private money or a hard money loan and then after the rehab is complete you refinance into an EEM. That way all the energy efficient aspects of the home would be able to be rated after the rehab and included into financing.
I’m sorry that I wasn’t more help on that particular subject.
@Kevin Kwiatek no no thank you everything is helpful! You are currently in the Jacksonville area?
Loandepot does the VA renovation loan. I am a general contractor that just finished up a project with a military guy in the orange park area on a duplex. Besides the fact it took more than 90 days for me to get paid it was a pretty smooth process.
@Mark Fries what was he able to renovate and also was labor included into loan? Feel like if va included labor they would try and skimp the GC
He could renovate basically anything and yes it was labor and material
@Mark Fries no **** lol wow good for him. Thank you so much mark very helpful!
Free eBook from BiggerPockets!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you