A VA Renovation Loan may be the right loan option for qualified veterans looking to make home renovations. This loan allows active duty and
retired service members to bundle renovation costs into a new or existing VA home loan. With a VA Renovation Loan, borrowers can make the
changes they want, with one loan, one rate, and one monthly payment.
The VA Renovation Loan allows borrowers to make home renovations, repairs, or improvements totaling up to $35,000. Your loan amount will
be based on the appraised value of your home after improvements have been made. Repairs must start within 30 days of closing and take
no more than 3 months to complete. The loan product is not applicable for major renovations, but rather intended for upgrades to your new or
VA RENOVATION LOAN HIGHLIGHTS:
• Minimum credit score: 640 (purchase) 660 (refinance)
• No monthly mortgage insurance needed
• No down payment required
• Renovations up to $35,000 with a $5,000 minimum repair amount
• Must be primary, owner-occupied residence
• For purchase or refinance (no streamline)
• Renovation costs are financed into your VA loan
• Borrower must use a licensed general contractor
Other program restrictions may apply. Loan programs may change at any time with or without notice. Information deemed reliable but not guaranteed. All loans subject to
income verification, credit approval and property appraisal. Not a commitment to lend. Atlantic Bay Mortgage Group, L.L.C. NMLS #72043 (nmlsconsumeraccess.org) is an
Equal Opportunity Employer. Located at 596 Lynnhaven Parkway Suite 200 Virginia Beach, VA 23452.
FOR MORE INFORMATION ON VA RENOVATION LOANS, PLEASE CONTACT US TODAY.
Sr. Mortgage Banker
NMLS #70434, Licensed in VA
OFFICE: 757-873-4141 x338