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I am a veteran looking to purchase a fixer-upper. Are there any VA loans that allow for rehabilitation costs?

by greg7741 from West Fargo, North Dakota. Feb 10th 2016 Reply


Justin Murray (JustinMurray)
#102 ranked lender in Illinois - 172 contributions

Greg,I have structured some similar scenarios in the past - can you email me more details on what kind of rehab needs to be done and the potential costs? This is a very common scenario, I just need more details so I can lay out a plan for you. Also, if you know roughly what the purchase price will be and how much money you plan on putting down if any. Thank you,Justin MurrayJMurray@WintrustMortgage.com(312)256-4065

Feb 11th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

VA has a construction loan that can be used to purchase a home and do rehabilitation... the problem is that VA does not lend money.. they only insure loans against default.. The lenders, or those with the $$$ will oftentimes have additional guidelines above what VA calls for.. it's these "overlay's" that makes lending rules different one lender from another.. And for 99% of them, they don't do VA construction loans.. You would literally be looking for that "needle in the haystack" lender.. You would have better luck using the HomeStyle renovation loan, which is a conventional product. This loan only requires 5% down, and you can always refinance in 6 months into a VA loan once your done with the improvements.. 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

Feb 11th 2016
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Jesse Stroup (jessestroup)
#199 ranked lender in California - 591 contributions

Va offera construction loan that can be used for repairs. I would contact a local mortgage banker or broker to see what loans they may offer. I hope this helps.Jesse Stroup | Mortgage Banker | California NMLS# 6229 | 510-704-3445 Please contact me for more information.

Mar 14th 2016
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