{"id":9346,"date":"2022-03-03T09:12:06","date_gmt":"2022-03-03T16:12:06","guid":{"rendered":"https:\/\/mortgagesolutions.net\/?p=9346"},"modified":"2022-03-18T09:16:33","modified_gmt":"2022-03-18T16:16:33","slug":"buying-fixer-upper-home-va-loan","status":"publish","type":"post","link":"https:\/\/mortgagesolutions.net\/2022\/03\/03\/buying-fixer-upper-home-va-loan\/","title":{"rendered":"Buying a Fixer-Upper Home with a VA Loan"},"content":{"rendered":"

Buying a fixer-upper isn\u2019t for everyone. But for someone willing to take on such a project, there can be a lot of benefits. Fixer-upper homes are generally more affordable, and usually face less competition from other buyers. But if you\u2019re <\/span>buying a home with a VA loan<\/span><\/a>, you may be wondering if it\u2019s even possible in the first place. Does the VA offer loans for homes that aren\u2019t move-in ready? Here\u2019s what you need to know.<\/span><\/p>\n

 <\/p>\n

Can I Get a VA Loan for a Fixer-Upper?<\/span><\/h2>\n

Yes. It is possible to purchase a fixer-upper home with a VA loan. But the process is slightly more complicated. For one, not many lenders offer these types of loans. Those that do will have very specific requirements for the repairs made to the home. Borrowers who go this route may have to jump through some extra hoops.<\/span><\/p>\n

 <\/p>\n

Requirements for VA Renovation Loans<\/span><\/h2>\n

Here are the requirements you\u2019ll have to meet in order to qualify for a VA renovation loan:<\/span><\/p>\n

Meet VA Loan Requirements<\/span><\/h3>\n

The borrower must meet VA requirements for a home loan. That includes Minimum Service Requirements and obtaining a Certificate of Eligibility. Lenders may also have additional requirements such as credit score minimums.\u00a0<\/span><\/p>\n

Primary Residence<\/span><\/h3>\n

VA rehab loans<\/span><\/a> can only be used for a primary residence. That means you cannot take out a VA renovation loan to complete work on a second home or vacation property.<\/span><\/p>\n

Allowable Improvements<\/span><\/h3>\n

This type of loan can only be used to make improvements that enhance the safety or habitability of the property. The alterations and repairs must be those ordinarily found on similar properties of comparable value in the community. Furthermore, all repairs must be completed by a VA-approved contractor. You may also be required to get quotes from contractors beforehand.\u00a0<\/span><\/p>\n

Timeline<\/span><\/h3>\n

All repairs and renovations must be completed within a certain timeline. Usually, this is about 90-120 days after the loan closing.\u00a0<\/span><\/p>\n

Maximum Renovation Amount<\/span><\/h3>\n

In most cases, the lender will place a limit on the amount of money that can be spent on repairs. Though every lender is different, this amount is often capped at $50,000.<\/span><\/p>\n

Additional Requirements<\/span><\/h3>\n

In addition to the criteria mentioned above, you\u2019ll also have to <\/span>get the home appraised<\/span><\/a>. Then, you\u2019ll have to get an inspection after the repairs are complete. Your lender may also have additional requirements that you\u2019ll need to meet.\u00a0<\/span><\/p>\n

 <\/p>\n

Get Help from Mortgage Solutions Financial<\/span><\/h3>\n

If you\u2019re thinking about buying a fixer-upper home with a VA loan but don\u2019t know where to start, we\u2019d be happy to point you in the right direction. <\/span>Call our office today<\/span><\/a> to speak to a VA loan expert.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Buying a fixer-upper isn\u2019t for everyone. But for someone willing to take on such a project, there can be a… Read more »<\/a><\/p>\n","protected":false},"author":7,"featured_media":9347,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[],"acf":[],"yoast_head":"\nBuying a Fixer-Upper Home with a VA Loan | Mortgage Solutions Financial<\/title>\n<meta name=\"description\" content=\"Buying a fixer upper home with a VA loan is possible, but the process is slightly different. 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