Renovation
- Home
- Loan Options
- Renovation
- VA Reno
VA Renovation Loan
VA loans are for eligible Veterans, active-duty service members, and qualifying surviving spouses in purchasing, (or refinancing) of a home and its necessary repairs/improvements in a single VA-guaranteed mortgage. Limited to $75k in repairs
Reasons to choose a VA renovation loan
A VA renovation loan stands out because it rolls your home purchase (or refinance) and renovation expenses into one convenient mortgage—with no down payment and a single closing—so you can tackle fixer-uppers without draining your savings.
30-year VA Renovation guidelines
To qualify for a VA reno loan, you will need:
Apply for a VA renovation mortgage
No, however, you are able to obtain a 4% seller credit, which may be sufficient to cover substantially all of your closing costs
On a typical VA purchase or refinance, Scout Advisors can close in as little as 14 days. With a renovation loan, we suggest a minimum of 45 days (60 days is ideal) to allow sufficient time to shop contractors and to obtain renovation approval.
Typically work should be completed within 120 days.
Eligible improvements are for the healthy & safety, kitchens, baths, additions, etc. Cannot be used for luxury items (hot tubs, pools, etc). Cannot be used for major structural changes.
Generally no—must use licensed contractors (FHA-approved where required). Limited DIY may be allowed for very minor items in some cases, but most work requires professionals. No full owner-builder labor credit for the loan
