VA home loans are fairly well-known to most veterans looking to buy a home. However, many veterans are unaware that there are also loans that can help them make necessary fixes and upgrades to their current homes. First Fidelis, LLC is proud to offer these loans to military veteran homeowners in the Kansas City Metro Area.
What Is a VA Renovation Loan?
Also known as VA rehabilitation loans, VA renovation loans are loans that allow homeowners to receive up to $50,000 towards remodeling their home. VA renovation loans can be used on new or existing homes. There is no minimum renovation cost requirement for a VA renovation loan.
At First Fidelis, LLC, these loans can be granted with no money down and up to 100 percent financing. These loans can include luxury improvements and outdoor living spaces, such as a pool.
We can also help you close on a property that doesn’t meet minimum VA requirements when you get a VA renovation loan. With a VA renovation loan, you can bring the property up to the standards for a VA home loan, which could help you land a property that otherwise wouldn’t meet the criteria for a VA home loan.
Basic Facts About VA Renovation Loans
Here is some basic information about VA renovation loans:
- Options for both purchasing and refinancing
- Use for remodeling and non-structural repairs
- No renovation consultant requirements
- Can be used on one- or two-unit homes
- Can only be used on primary residences
- Fully amortizing fixed rate
- Various term options available (10-year, 15-year, 20-year, 25-year, and 30-year)
- Construction must be completed within four months of closing
- Only one general contractor can be used, and they must be registered with eh VA
- The general contractor must carry proper insurance
VA Renovation Loan Eligibility Requirements
To be eligible for a VA renovation loan, you must meet the following requirements:
- Active duty member of the U.S. military, veteran, or surviving spouse
- 620 minimum FICO score
- Must be in an eligible state (D.C., Illinois, Hawaii, and New York are all ineligible locations)
- Must meet income standards required for VA loans
Right now, interest rates are going up. That means it is best to shop around for the lowest rates. At First Fidelis, LLC we use 17 different lenders, which can help you find the lowest rates possible for your VA renovation loan. We can talk to numerous lenders and help you get the very best deal. First Fidelis, LLC is known for working with clients to find the best rates to keep your investment as affordable as humanly possible.
If you are interested in learning more about a VA renovation loan, contact First Fidelis, LLC today at 913-205-9978. Our dedicated VA renovation loan team can go over all the fine details with you to help you decide if a VA home renovation loan is right for you.