Irvine, CA – Are you a veteran in search of loan to upgrade your home? Or have you found a home that has great bones but needs TLC. You like it but don’t quite love it. You’ve searched high and low for a VA renovation loan that will work but you’ve come up empty. Maybe you’re like many homeowners who’ve been been living in their home for many years and realized it’s time to update. Or you’ve added to your family and wanted to add a room but didn’t have the cash to make it happen. They just want to add the entertainer’s kitchen they’ve always desired or simply remove the pink tile in the 1950’s bathroom.
As a veteran your home renovation options were extremely limited. You were not able to use your VA Benefit to be able to repair, remodel or upgrade your home. Your options were the same as non-veterans:
1. Conventional Renovation Loans: These loans work well for upgrading homes. There are many pro’s to these loans as I’ve discussed in the past. However, they don’t have the same benefits as a VA loan. They require a down payment. Whereas a VA loan can get the veteran up to 100% financing with no mortgage insurance. Additionally, loan guidelines are more flexible with VA loans compared to conventional.
2. Pay Cash: Saving up cash to pay for home renovations and repairs can take a considerable amount of time. A renovation loan allows you to upgrade your home and roll that expense into the loan. Therefore, the cost is rolled into your monthly payment. You get the use, enjoyment and value of the upgrades immediately.
3. Other Financing Methods: These methods consist of 2nd loans, HELOC’s (Home Equity lines of Credit) or private financing. These options are typically the most expensive and have the least favorable terms. On top of that, ancillary benefits like the deductibility of mortgage interest may not be available.
But now PrimeLending is offering the VA renovation loan. The advantages of a VA renovation include:
- Low – to – No down payment. Up to 100% financing available.
- No PMI(Private Mortgage Insurance).
- Repair/Renovation costs are rolled into one loan.
- Available for purchase and refinance transactions.
- You can close the loan before the repair/renovation begins.
- Loans up to $1,000,000 on primary residences.
- Renovations up to 25% of the as-completed value.
You’ve earned your VA benefits. Now you can make it work for your family. Turn your house into the home you’ve always wanted. Contact me for specific questions or scenarios. Thank you for your service!