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va renovation loan requirments

id like to know if i could qualify for a va renovation with 722 fico but also for no money down if possible and funding kitchen remodel. i own though so can i refinance into this? was looking into 203k streamline but husband is retired naval officer so exploring all options. thanks vry much by vera5to90001230 from Pittsburgh, Pennsylvania. Sep 11th 2014 Reply


Edward Fallon (edfallon)
#92 ranked lender in Pennsylvania - 143 contributions

I don't know anything about a VA renovation loan, but I will say that since you already own the home you should look at other options first. If you have enough equity in the home right now, you may be able to refinance the home with a VA or conventional loan (not a renovation loan) and get the cash you need to fund the kitchen remodel. If you would like to contact me at 610-308-9001 I'll be happy to go over some options with you. Good luck.Ed Fallon, MBA Home Loan Consultant/Renovation DirectorUnivest Bank & Trust Co1473 Dunwoody DriveWest Chester, PA 19380Phone 484-391-2057Mobile: 610-308-9001 eFax 267-519-1833Email: FallonE@univest.netwww.univesthomeloans.com/edfallon NMLS #144708

Sep 11th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

VA has a Construction/Renovation loan product, but I have searched for 5 years for a lender willing to do one, and have yet to find one.. You can use FHA's 203K, but it's a very expensive loan and you will be required to pay mortgage insurance, which with FHA, is the highest in the industry.. Plus with FHA's 203K, there are added costs such as a FHA consultant and multiple inspections all at your expense. Your far better off doing a VA cash out refinance. Pull the necessary cash out and do the remodel at your own pace with whomever you wish with no restrictions.. 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

Sep 11th 2014
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

There is no such thing as a VA renovation loan. On the other hand you can take cash out against the equity in your home with a VA loan. www.VA-IRRRL-Loan-MN.com

Sep 12th 2014
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John Burke (jburke)
#30 ranked lender in Texas - 187 contributions

Hi Vera, VA does not have a renovation loan persay but you can do a VA Cash-out Refinance to 100% of your homes appraised value and use the cash out to do your renovations. This is the best loan program out there and way cheaper than an FHA 203K. Please feel free to contact me for more information or help. John Burke | Senior Mortgage Banker | Great Plains National Bank | http://www.valoansdoneright.com | (877)228-9069 | Lending in ALL 50 states |

Sep 15th 2014
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