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Buy a House, Make it a Home
Renovation Loans are used to purchase or refinance a home in need of repairs. The cost of the repairs is bundled into the mortgage, making it simpler and easier to pay for needed home rehabilitation
WHAT TYPES OF HOMES MAY BENEFIT FROM RENOVATION LOANS?
Older Homes
Homes that have been around a while and need some updating are good candidates for renovation loans.
Owners of older homes can use these loans to make the home more livable by adding more space, updating kitchen or bathrooms, replacing outdated carpeting, installing energy efficient doors and windows etc.
Fixer Uppers & Distressed Properties
Homes that are in need of more than just a few minor fixes.
These homes may need big renovations or structural repairs
such as a new roof, etc.
Or those that were in foreclosure or short sales that
may have been neglected and in need of repairs
Homes for Disabled or Aging Vets
If you want to install a wheelchair ramp, grab bars, lower counter tops or a wheelchair accessible shower, a renovation loan could be a good option. This could be used on a new home in need of these features, or it could be used on a home you already own through a refinance VA renovation loan.