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
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homes can use these loans to make the home more livable by adding more space, updating kitchen or bathrooms, replacing outdated carpeting, installing energy efficient doors and windows etc.
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
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.
• 620 minimum qualifying score for all qualifying borrowers
• Available for purchase and refinance.
• No down payment
• No minimum renovation cost
• Cosmetic and non-structural repairs
• HUD consultant required for all renovation projects exceeding $50,000
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This is not a commitment to lend or extend credit. Programs, rates, terms and conditions are subject to change without notice. Terms and conditions apply. All rights reserved.
Contact us for details. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
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