VA Renovation Loan/ VA Loan

[Shepard Solomon]

Hi,

I was trying to find a lender who specializes in the VA loan as well as the VA renovation loan. The preferred areas is Philadelphia PA, Camden NJ or Wilmington DE.

[Alex Deacon]

@Shepard Solomon ask your local real estate agent. There are probably 100 lenders in your area that can help you. Choose one thats local not an online lender. There is an FHA 203K program that is used quite often. Not sure if thats available for VA option.

[Shepard Solomon]

Ok I’m a veteran what information do you need from me outside proof of funds. 

[Ashleigh Evans]

Hey @Shepard Solomon,

Did you ever find a lender? How was the process? I actually have the same question. 

[Andrew Postell]

@Ashleigh Evans if you know the loan you need then post in that state forum what you are looking for. So "Needing VA loan" in the Florida forum (if that's the state you are buying in) would give you the most bang for your buck. That way you will have local people be able to provide you with help. Nearly every lender will be able to offer the VA loan....HOWEVER, that VA renovation loan is near impossible to find. I'm a veteran.....I have never seen a lender offer it before. Never. If there are VA lenders who are reading this that offer the VA reno loan please send me a PM. It's just so hard to find. But try the state forum for your best options on who to use. Good luck!

[Maxine Kunimura]

@Alex Deacon what are the negatives to an online lender? I've started the VA loan process with Veterans United, they had a lot of positive reviews. Thank you.

[Victor Wasson]

@Maxine Kunimura

I am currently preapproved by Veterans United and looking for an investment property? How did your experience with go?

[Melvin List]

@Maxine Kunimura and @Victor Wasson I would find a broker in your area.  Any good broker will be able to beat Veterans United and with less fees

[Melvin List]

@Shepard Solomon @Andrew Postell Find a broker in your area that is approved with American Financial Resources. They have the VA Renovation loan.

[Andrew Postell]

@Melvin List thanks for the tip!

[Maxine Kunimura]

@Victor Wasson I’m closing on a home with them in a few weeks, I’ve been very pleased with them. A little more paperwork to submit then a conventional loan, although I think a lot of that was because I was self employed the last few years. But they’ve been very responsive and I like their online platform for tracking the loan process.

[Andrew Moore]

@Maxine Kunimura Are you doing a standard Va loan or a VA Renovation loan with Veterans United? thanks

[Maxine Kunimura]

@Andrew Moore it's a standard VA loan, which actually happened to go down hill fast. We were supposed to close 12/13 and that didn't happen due to the lender (VU).

[Joshua King]

I'm a veteran just starting out investing. How picky were the VA/lender standards for the homes you could buy? I'm thinking in terms of building equity which doesn't seem like a VA loan is likely to expedite?

[David Pere]

@Joshua King It really depends on what you're buying, and what type of loan product you use. With the VA renovation loan you can definitely walk into some equity. With the standard VA loan i personally recommend house hacking to take better advantage of it.

[Carlos Scarpero]

I have this program in multiple states