Atlantic Bay Mortgage group is excited to announce a VA Renovation Loan. This VA renovation loan may be the right loan option for qualified veterans looking to make home renovations. This loan allows active duty and retired service members to bundle renovation costs into a new or existing VA home loan. With a VA Renovation Loan, borrowers can make the changes they want, with one loan, one rate, and one monthly payment. The VA Renovation Loan allows borrowers to make home renovations, repairs, or improvements totaling up to $35,000. Your loan amount will be based on the appraised value of your home after improvements have been made. Repairs must start within 30 days of closing and take no more than 3 months to complete. The loan product is not applicable for major renovations, but rather intended for upgrades to your new or existing home.
* Minimum credit score: 640 (purchase) 660 (refinance)
* No monthly mortgage insurance needed
* No down payment required
* Renovations up to $35,000 with a $5,000 minimum repair amount
* Must be primary, owner-occupied residence
* For purchase or refinance (no streamline)
* Renovation costs are financed into your VA loan
* Borrower must use a licensed general contractor
