VA Renovation Loan
Is available on SFR, PUDs and VA approved Condo's. You can make repairs or improvements up to 35% of the "As Completed" value of the property. The improvements must be permanently affixed to the property, and add value.
180 day limit to completing the repairs.
10% Contingency reserve is required. (15% required if structural repairs or no utilites on)
Allowable Repairs:
Maximum repairs 35% of the after complete value. Roof: repair or replacement (covering, underlayment) Gutters/downspouts: install/repair/replace Insulation: ceilings/walls/asbestos removal Weatherization items/repairs/improvements Siding/windows/doors Detached or Attached Garage - new build or repairs Paint: interior/exterior/lead paint abatement )by certified LBP contractor) Kitchen: all appliances/cabinets/ total Electrical: repair/replace/recondition all Plumbing: repair/replace/recondition all Repair/Replace HVAC or other systems Repairing or removing an in-ground swimming poolLandscaping Installing or repairing fences, walkways and drivewaysMold remediation or mold removalHandicap accessibility improvements Flooring/subflooring/tile/carpet/wood Termite treatment/damage repair Repairing or replacement of well and septic- *See appraisal section of the guidelines for specific requirements Foundation RepairRoom AdditionsFinish Basements and atticsRemoval of outbuildings or old manufactured home Repairs That are Not Allowed:
- Repairs performed by the borrower
- Swimming Pool Installations (Repairs allowed.) No luxury items such as outdoor kitchens/BBQs/Saunas, etc.
- Improvements that do not conform to the surrounding neighborhood
- Results in work not starting within 30 days after loan closing.
- Television antenna and satellite dishes.
- Improvements for Mixed Property Use
- SFR conversion to a 2 unit
- Relocated Property
- Projects that will take more than 180 days to complete
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