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Are there renovation loans available as a VA option? Looking to spend about 40-50K on upgrading a property.

by gretchen475 from Krakow, Wisconsin. Jan 5th 2016 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

You can cash out refinance with a VA loan up to 100% of today's appraised value, and use the money for anything you want. Visit me for a Wisconsin, Minnesota, or South Dakota VA loan at www.VA-IRRRL-Loan-MN.com for more information.

Jan 6th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

Although VA does have a construction loan option, it's very cumbersome and most lenders do not participate in that loan product,,, as Joe Metzler said, you can do a cash out up to 100% and use the funds as you wish. You should call him.. he's local to you... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Jan 6th 2016
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

Hi Gretchen, technically that may be possible but there are very few lenders who actually offer that option unless the seller pays for the improvements (which can be down out of the sale proceeds). Realistically it may be nesessary to put 3.5% (FHA) to 5% downpayment, make the improvements and then refinance to a VA loan. - If you already own the property and have equity in it, it is possible to take case out through a refinance but the appraisal would be based on the current value. I handle lots of renovation loans (FHA and conventional) and would love to assist when you are ready). pdumouchel@primelending.com or 843-619-6025

Jan 6th 2016
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Mandy Fritsche (mortgage.mandy)
#35 ranked lender in Wisconsin - 20 contributions

Hi Gretchen, Yes, there is a VA renovation loan option and I am able to originate them. My team and I close on average 3 renovation loans per month! Please contact me directly so we can go over your financing needs. Thanks, Mandy Fritsche - NMLS 557211 - Team WawrzyniakiMortgage - Wisconsin262-327-5700 directmandy.fritsche@imortgage.comwww.imortgage.com/mandy.fritsche

Jan 19th 2016
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