Buy at low rate with VA loan now or wait for VA Reno Loans?

[Yara Escobar]

Mortgage rates are historically low right now. However home prices are up in all areas of the country. We are homebuyers on a budget looking to buy with 0 downpayment by using a VA loan to purchase a home in Washington DC. We wanted to purchase a home to renovate, while also taking advantage of the VA renovation loans ( or repairs loans) so we could build equity in a short period of time and rent out the home basement to help pay the mortgage.

Unfortunately due to COVID-19 renovations loans were frozen. What would you do? Would you wait for the renovations loans to be back up at risk of mortgage rates rising after COVID? Or would you take advantage of the low rates right now and buy a move in ready home at a higher price but a lower interest rate?

Thank you all for your advice!