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New VA renovation loan program for Veterans in Plano Texas
Veterans now have access to a new VA renovation loan to refurbish or remodel their homes. This loan program is available for new home purchases as well as for remodeling homes currently owned by the veteran. It is estimated that over 50% of homes nationally are 40 years or older, and in the current housing market many homes are in need of updating, addressing deferred maintenance, or improving the energy efficiency of homes to lower utility costs.
VA loan benefits include the following unique advantages: a. up to 100% financing, b. no mortgage insurance, c. up to $ 35,000 in renovation funds escrowed, d. all renovations must be completed within 60 days of closing, e. you can close on a purchase or refinance in the “as is” condition, f. you can borrow against the future value of the home after renovations.
There are many items on a renovation that can be funded by renovation funds. Here are just a few of the eligible renovation uses: a. new roof, b. replace air or heating systems, c. installing or repairing fencing, sidewalks, driveways, d. installing new refrigerator, cooktop, microwave, dishwasher, washer or dryer, e. repairing or removing an in ground swimming pool, f. creating accessibility ... more
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