{"id":990,"date":"2024-12-14T04:28:39","date_gmt":"2024-12-14T04:28:39","guid":{"rendered":"https:\/\/usarmy.com\/?p=990"},"modified":"2024-12-13T20:39:50","modified_gmt":"2024-12-13T20:39:50","slug":"veterans-renovation-loans","status":"publish","type":"post","link":"https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/","title":{"rendered":"Veterans Renovation Loans Could Be Next Big Thing"},"content":{"rendered":"<figure id=\"attachment_991\" aria-describedby=\"caption-attachment-991\" style=\"width: 581px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-991\" src=\"https:\/\/usarmy.com\/wp-content\/uploads\/2024\/12\/shutterstock_111809090-300x200.jpg\" alt=\"\" width=\"581\" height=\"387\" srcset=\"https:\/\/usarmy.com\/wp-content\/uploads\/2024\/12\/shutterstock_111809090-300x200.jpg 300w, https:\/\/usarmy.com\/wp-content\/uploads\/2024\/12\/shutterstock_111809090-768x512.jpg 768w, https:\/\/usarmy.com\/wp-content\/uploads\/2024\/12\/shutterstock_111809090.jpg 1000w\" sizes=\"auto, (max-width: 581px) 100vw, 581px\" \/><figcaption id=\"caption-attachment-991\" class=\"wp-caption-text\">Are You Considering Veteran Renovation Loans?<\/figcaption><\/figure>\n<p>Are you dreaming of homeownership as a veteran, but the market&#8217;s tough, or you&#8217;re eyeing a fixer-upper?\u00a0 As a Navy veteran, perhaps a VA renovation loan offers you a solution. These loans empower veterans to purchase a fixer-upper and transform it into their dream house\u2014secure funding for the purchase and the renovations with a single VA rehab loan.<\/p>\n<p>These loans help veterans build a future, not just buy a house. This guide details veterans&#8217; renovation loans to help make informed decisions.<\/p>\n<p>But first, do you have an understanding of how <a href=\"https:\/\/usmilitary.com\/va-home-loan-definition\/\">VA home loans<\/a> work?\u00a0 And are <a href=\"https:\/\/usarmy.com\/blog\/are-va-loans-good\/\">VA loans good<\/a> for veterans?\u00a0 <em>If you agree that they are, buckle up and read on!<\/em><\/p>\n<h2>Table of Contents:<\/h2>\n<ul id=\"main-toc\">\n<li><a href=\"#understandingvarenovationloans\">Understanding VA Renovation Loans<\/a>\n<ul>\n<li><a href=\"#typesofvarenovationloans\">Types of VA Renovation Loans<\/a><\/li>\n<li><a href=\"#eligibilityforvarenovationloans\">Eligibility for VA Renovation Loans<\/a><\/li>\n<\/ul>\n<\/li>\n<li><a href=\"#navigatingthevarenovationloanprocess\">Navigating the VA Renovation Loan Process<\/a><\/li>\n<li><a href=\"#benefitsanddrawbacksofvarenovationloans\">Benefits and Drawbacks of VA Renovation Loans<\/a>\n<ul>\n<li><a href=\"#pros\">Pros<\/a><\/li>\n<li><a href=\"#cons\">Cons<\/a><\/li>\n<\/ul>\n<\/li>\n<li><a href=\"#tipsformaximizingyourvarenovationloan\">Tips for Maximizing Your VA Renovation Loan<\/a><\/li>\n<li><a href=\"#alternativestovarenovationloans\">Alternatives to VA Renovation Loans<\/a><\/li>\n<li><a href=\"#conclusion\">Conclusion<\/a><\/li>\n<\/ul>\n<h2 id=\"understandingvarenovationloans\">Understanding VA Renovation Loans<\/h2>\n<p>VA renovation loans allow eligible veterans, service members, and surviving spouses to purchase a property requiring repairs. The VA backs these loans from private lenders, providing a valuable guarantee.<\/p>\n<p>This guarantee leads to favorable loan terms. Like traditional VA loans, renovation loans often require no down payment and offer competitive mortgage rates, making them more accessible.<\/p>\n<h3 id=\"typesofvarenovationloans\">Types of VA Renovation Loans<\/h3>\n<p>Several VA loan types address varying needs. Two main options exist: The first type allows approved homebuyers to add non-structural renovation costs to their loan.<\/p>\n<p>The second option, a VA cash-out refinance loan, allows existing homeowners to refinance and access up to 90% of their home&#8217;s equity. This lets homeowners finance improvements. These are just two loan types you can find.<\/p>\n<h3 id=\"eligibilityforvarenovationloans\">Eligibility for VA Renovation Loans<\/h3>\n<p>The VA establishes loan eligibility criteria. Veterans need a Certificate of Eligibility (COE) demonstrating their service meets the requirements.<\/p>\n<p>Requirements vary based on service duration and wartime\/peacetime service. Lenders also assess income, debt, credit history, and mortgage credit scores, with many requiring a minimum score of 620.<\/p>\n<h2 id=\"navigatingthevarenovationloanprocess\">Navigating the VA Renovation Loan Process<\/h2>\n<p>Begin by obtaining your Certificate of Eligibility (<a href=\"http:\/\/www.archives.gov\/veterans\/military-service-records\/standard-form-180.html\" target=\"_blank\" rel=\"noopener\">SF-180<\/a>). Once confirmed, research and compare VA-approved lenders to find the best fit for your financial situation and needs. Begin the pre-approval process for a loan purchase. During this phase, the lender evaluates your finances to determine your borrowing power. Then, you&#8217;ll begin looking for a fixer-upper you would like to put an offer on.<\/p>\n<p>Once you find your property and it gets accepted, an appraiser determines the \u201cas-completed\u201d value. This represents the property&#8217;s worth after the renovations. The appraisal impacts how much you can borrow for the renovation.<\/p>\n<p>With loan approval, renovations commence under the lender&#8217;s guidance. Ensure projects adhere to timelines, which may be up to 120 days from closing. Open communication with your chosen lender is extremely beneficial during the rehab process.<\/p>\n<h2 id=\"benefitsanddrawbacksofvarenovationloans\">Benefits and Drawbacks of VA Renovation Loans<\/h2>\n<p>VA renovation loans offer both advantages and disadvantages. Consider these carefully before making a decision.<\/p>\n<h3 id=\"pros\">Pros<\/h3>\n<ul>\n<li>Streamlined process with combined financing for purchase and renovations.<\/li>\n<li>Often, no down payment is required, minimizing initial costs.<\/li>\n<li>Competitive interest rates, saving money over the loan term.<\/li>\n<li>No private mortgage insurance (PMI) is needed.<\/li>\n<\/ul>\n<h3 id=\"cons\">Cons<\/h3>\n<ul>\n<li>Limited to primary residences.<\/li>\n<li>Renovation restrictions, generally excluding structural changes.<\/li>\n<li>Fewer lender options than conventional mortgages.<\/li>\n<\/ul>\n<h2 id=\"tipsformaximizingyourvarenovationloan\">Tips for Maximizing Your VA Renovation Loan<\/h2>\n<p>Before applying, contact a <a href=\"https:\/\/www.hud.gov\/i_want_to\/talk_to_a_housing_counselor\" target=\"_blank\" rel=\"noopener\">HUD-approved housing counselor<\/a> to ensure compliance with VA loan requirements like <a href=\"http:\/\/www.vba.va.gov\/pubs\/forms\/VBA-26-421-ARE.pdf\" target=\"_blank\" rel=\"noopener\">VA Form 26-421<\/a> and <a href=\"http:\/\/www.vba.va.gov\/pubs\/forms\/26-8791.pdf\" target=\"_blank\" rel=\"noopener\">VA Form 8791<\/a>.<\/p>\n<p>Choose experienced VA lenders with a strong history in these types of VA rehab loans. Seek out multiple bids from contractors familiar with VA renovation loan requirements. They will ensure the project adheres to VA standards, impacting loan approval. This saves time, energy, and money and streamlines the overall process.<\/p>\n<p>Review the <a href=\"http:\/\/www.benefits.va.gov\/homeloans\/resources_veteran.asp\" target=\"_blank\" rel=\"noopener\">Home Buying Process for Veterans<\/a>. Be sure to do this before embarking on the process to improve the process.<\/p>\n<h2 id=\"alternativestovarenovationloans\">Alternatives to VA Renovation Loans<\/h2>\n<p>While VA renovation loans offer great flexibility, other options exist for veterans wanting to renovate. These include several loan programs and even grant programs.<\/p>\n<p>The VA Energy Efficient Mortgage (EEM) funds energy-saving improvements like new HVAC systems or a programmable thermostat. VA cash-out refinance options let veterans leverage equity for upgrades, like adding solar panels. Specially Adapted Housing (SAH) grants, detailed at <a href=\"https:\/\/www.benefits.va.gov\/homeloans\/adaptedhousing.asp\" target=\"_blank\" rel=\"noopener\">benefits.va.gov<\/a>, assist disabled veterans needing home modifications. Veterans struggling can find support at the <a href=\"https:\/\/www.veteranscrisisline.net\" target=\"_blank\" rel=\"noopener\">Veterans Crisis Line<\/a>.<\/p>\n<h2 id=\"conclusion\">Conclusion<\/h2>\n<p>VA renovation loans streamline the home buying and renovation process. This financing option provides funding for both purchases and improvements.<\/p>\n<p>This single loan helps veterans, service members, and eligible surviving spouses buy and transform homes. This supplemental loan type even offers supplemental funds to personalize homes.<\/p>\n<p>Understanding these loan programs<span style=\"box-sizing: border-box; margin: 0px; padding: 0px;\">\u00a0and accessing helpful resources such as\u00a0<a href=\"http:\/\/www.benefits.va.gov\/BENEFITS\/factsheets.asp#BM5\" target=\"_blank\" rel=\"noopener\">Home Loan Facts and Information<\/a><\/span>\u00a0positions veterans for successful homeownership. This helps make their dreams a reality.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>VA renovation loans streamline the home buying and renovation process. This financing option provides funding for both purchases and improvements.  This single loan helps veterans, service members, and eligible surviving spouses buy and transform homes. This supplemental loan type even offers supplemental funds to personalize homes.  Understanding these loan programs\u00a0and accessing helpful resources such as\u00a0Home Loan Facts and Information\u00a0positions veterans for successful homeownership. This helps make their dreams a reality.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,1,3],"tags":[],"class_list":["post-990","post","type-post","status-publish","format-standard","hentry","category-navy-seals","category-uncategorized","category-us-military"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Why Consider Veteran Renovation Loans - US Army<\/title>\n<meta name=\"description\" content=\"VA renovation loans streamline the home buying and renovation process. This financing provides funding for both purchases and improvements.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Consider Veteran Renovation Loans - US Army\" \/>\n<meta property=\"og:description\" content=\"VA renovation loans streamline the home buying and renovation process. This financing provides funding for both purchases and improvements.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/\" \/>\n<meta property=\"og:site_name\" content=\"US Army\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-14T04:28:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-13T20:39:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/usarmy.com\/wp-content\/uploads\/2024\/12\/shutterstock_111809090-300x200.jpg\" \/>\n<meta name=\"author\" content=\"larryf\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"larryf\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/\"},\"author\":{\"name\":\"larryf\",\"@id\":\"https:\/\/usarmy.com\/#\/schema\/person\/6f312920475a56e53af8553a9681a89e\"},\"headline\":\"Veterans Renovation Loans Could Be Next Big Thing\",\"datePublished\":\"2024-12-14T04:28:39+00:00\",\"dateModified\":\"2024-12-13T20:39:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/\"},\"wordCount\":826,\"publisher\":{\"@id\":\"https:\/\/usarmy.com\/#organization\"},\"articleSection\":{\"0\":\"Navy SEALs\",\"2\":\"US Military\"},\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/\",\"url\":\"https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/\",\"name\":\"Why Consider Veteran Renovation Loans - US Army\",\"isPartOf\":{\"@id\":\"https:\/\/usarmy.com\/#website\"},\"datePublished\":\"2024-12-14T04:28:39+00:00\",\"dateModified\":\"2024-12-13T20:39:50+00:00\",\"description\":\"VA renovation loans streamline the home buying and renovation process. This financing provides funding for both purchases and improvements.\",\"breadcrumb\":{\"@id\":\"https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/usarmy.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Veterans Renovation Loans Could Be Next Big Thing\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/usarmy.com\/#website\",\"url\":\"https:\/\/usarmy.com\/\",\"name\":\"US Army\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/usarmy.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/usarmy.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/usarmy.com\/#organization\",\"name\":\"US Army\",\"url\":\"https:\/\/usarmy.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/usarmy.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/usarmy.com\/wp-content\/uploads\/2023\/03\/Black-logo-no-background.png\",\"contentUrl\":\"https:\/\/usarmy.com\/wp-content\/uploads\/2023\/03\/Black-logo-no-background.png\",\"width\":3172,\"height\":1682,\"caption\":\"US Army\"},\"image\":{\"@id\":\"https:\/\/usarmy.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/usarmy.com\/#\/schema\/person\/6f312920475a56e53af8553a9681a89e\",\"name\":\"larryf\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/usarmy.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/0f84945f91959c99c1ea18db48cb5bf0?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/0f84945f91959c99c1ea18db48cb5bf0?s=96&d=mm&r=g\",\"caption\":\"larryf\"},\"url\":\"https:\/\/usarmy.com\/blog\/author\/larryf\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Why Consider Veteran Renovation Loans - US Army","description":"VA renovation loans streamline the home buying and renovation process. This financing provides funding for both purchases and improvements.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/","og_locale":"en_US","og_type":"article","og_title":"Why Consider Veteran Renovation Loans - US Army","og_description":"VA renovation loans streamline the home buying and renovation process. This financing provides funding for both purchases and improvements.","og_url":"https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/","og_site_name":"US Army","article_published_time":"2024-12-14T04:28:39+00:00","article_modified_time":"2024-12-13T20:39:50+00:00","og_image":[{"url":"https:\/\/usarmy.com\/wp-content\/uploads\/2024\/12\/shutterstock_111809090-300x200.jpg"}],"author":"larryf","twitter_card":"summary_large_image","twitter_misc":{"Written by":"larryf","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/#article","isPartOf":{"@id":"https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/"},"author":{"name":"larryf","@id":"https:\/\/usarmy.com\/#\/schema\/person\/6f312920475a56e53af8553a9681a89e"},"headline":"Veterans Renovation Loans Could Be Next Big Thing","datePublished":"2024-12-14T04:28:39+00:00","dateModified":"2024-12-13T20:39:50+00:00","mainEntityOfPage":{"@id":"https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/"},"wordCount":826,"publisher":{"@id":"https:\/\/usarmy.com\/#organization"},"articleSection":{"0":"Navy SEALs","2":"US Military"},"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/","url":"https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/","name":"Why Consider Veteran Renovation Loans - US Army","isPartOf":{"@id":"https:\/\/usarmy.com\/#website"},"datePublished":"2024-12-14T04:28:39+00:00","dateModified":"2024-12-13T20:39:50+00:00","description":"VA renovation loans streamline the home buying and renovation process. This financing provides funding for both purchases and improvements.","breadcrumb":{"@id":"https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/usarmy.com\/blog\/veterans-renovation-loans\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/usarmy.com\/"},{"@type":"ListItem","position":2,"name":"Veterans Renovation Loans Could Be Next Big Thing"}]},{"@type":"WebSite","@id":"https:\/\/usarmy.com\/#website","url":"https:\/\/usarmy.com\/","name":"US Army","description":"","publisher":{"@id":"https:\/\/usarmy.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/usarmy.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/usarmy.com\/#organization","name":"US Army","url":"https:\/\/usarmy.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/usarmy.com\/#\/schema\/logo\/image\/","url":"https:\/\/usarmy.com\/wp-content\/uploads\/2023\/03\/Black-logo-no-background.png","contentUrl":"https:\/\/usarmy.com\/wp-content\/uploads\/2023\/03\/Black-logo-no-background.png","width":3172,"height":1682,"caption":"US Army"},"image":{"@id":"https:\/\/usarmy.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/usarmy.com\/#\/schema\/person\/6f312920475a56e53af8553a9681a89e","name":"larryf","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/usarmy.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0f84945f91959c99c1ea18db48cb5bf0?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0f84945f91959c99c1ea18db48cb5bf0?s=96&d=mm&r=g","caption":"larryf"},"url":"https:\/\/usarmy.com\/blog\/author\/larryf\/"}]}},"_links":{"self":[{"href":"https:\/\/usarmy.com\/wp-json\/wp\/v2\/posts\/990","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usarmy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usarmy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usarmy.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/usarmy.com\/wp-json\/wp\/v2\/comments?post=990"}],"version-history":[{"count":1,"href":"https:\/\/usarmy.com\/wp-json\/wp\/v2\/posts\/990\/revisions"}],"predecessor-version":[{"id":992,"href":"https:\/\/usarmy.com\/wp-json\/wp\/v2\/posts\/990\/revisions\/992"}],"wp:attachment":[{"href":"https:\/\/usarmy.com\/wp-json\/wp\/v2\/media?parent=990"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usarmy.com\/wp-json\/wp\/v2\/categories?post=990"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usarmy.com\/wp-json\/wp\/v2\/tags?post=990"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}