VA loan options for a house down to its framework

[Austin Medina]

Hello all!

My wife and I are currently renting in Kennewick, WA and I've seen a home in my neighborhood that has been under renovation for the last six months we've been here. However, I don't think I've seen a single contractor or person ever step foot on the property. The temp lighting is up and the house is down to its framework at this time.

With that being said I've ran some numbers in my area and considering the prolonged timing I've seen this house go untouched I thought, "what the heck, I'll hunt down the owner." While I'm doing this and found contact information I don't want to get to far ahead of myself.

I'm a veteran of the US Navy. I've never used my VA home loan and while doing some research I have found some information that you indeed can use a VA loan with rennovation purposes. The issue is I haven't been able to find many people that are doing it. I just wanted to find out from some other home owners that have used this or lenders that support it what's the catch or details outlining what the state the house needs to be in and what is supported by this.

I feel i have enough funds to support a decent renovation on this house out of pocket. However, not enough without financing to make this house complete and solidify what would be a good ROI when we would decide to move on and actually initiate conversation with the owners.

Any information, advice, or comments regarding your experiences or personnel you've worked with to utilize a VA renovation loan would be super. If all else fails, at least building a relationship with someone for possible future contact would be awesome!

Hope you all have a great day!

Thanks BP community.

-Austin