Everyone’s heard about VA loans for those that have served our country. The “crown jewel” of all mortgage loan products, it allows for 100% financing at the best rates available, and with no mortgage insurance. But there’s always been one issue that has ruined the hopes of some wishing to utilize this amazing benefit.
Every real estate agent selling a home cringes when seeing an offer come in that is tied to VA financing. They know from past experience that VA Appraisal inspectors are required to point out issues that appraisers for conventional Fannie/Freddie loans overlook.
Buyer’s agents also carefully screen potential properties to show their clients, knowing that with strict scrutiny of the condition of the home by the VA, the properties they find have to be in very good condition.
Now there’s relief…..
The VA Renovation Mortgage is now available here in Hawaii. Similar to other types of renovation mortgages from FHA and Fannie Mae, the VA Renovation Mortgage allows for the purchase of a home that needs some TLC to make the home acceptable to VA standards.
With a VA Renovation Mortgage, repairs of up to $35,000 are included in the same great rate VA loan. The repairs are done after the close of the purchase transaction. Those repairs include items such as painting, or new appliances. Under this program you can also get a new roof or repair a rotted out deck/lanai area. In essence, all the items that once were barriers to a veteran using their VA benefit, can be cured under this new program.
If you are a veteran or real estate professional interested in learning more about this great new program, just let me know.