Guide To The VA Renovation Loan
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:
- 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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