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Key Highlights
The Benefits
Combined Financing
Finance purchase and improvements.
Renovation Funds
Include eligible project costs.
VA Benefits
Access eligible VA financing.
What's Required
VA Eligibility
Eligibility requirements apply.
Eligible Property
Property standards apply.
Renovation Plans
Project details are reviewed.
The Ins & Outs
How it Works
A VA Renovation Loan allows eligible veterans, active-duty service members, and other qualified borrowers to finance the purchase of a home along with eligible renovation or repair costs through a single mortgage. This can provide an opportunity to purchase a property that needs improvements without arranging separate financing for the renovation.
VA Renovation financing combines the benefits of a VA-backed mortgage with funds for eligible property improvements. Available renovation options, contractor requirements, project limits, and qualification guidelines vary by participating lender.
Example Scenario
An eligible veteran finds a home that meets their needs but requires renovations before moving in. Rather than purchasing the property and financing the improvements separately, a VA Renovation Loan may allow the borrower to combine the home's purchase and eligible renovation costs into one financing solution.
What is a VA Renovation Loan?
A VA Renovation Loan allows eligible borrowers to combine the purchase of a home and eligible renovation or repair costs into one VA-backed mortgage.
Who can qualify for VA Renovation financing?
Eligible veterans, active-duty service members, and certain surviving spouses may qualify if they meet applicable VA and lender requirements.
What renovations can be financed?
Eligible improvements depend on the lender and program and may include certain repairs, upgrades, and improvements to the property.
Can I use a VA Renovation Loan with zero down?
VA financing may allow eligible borrowers to purchase with no down payment. However, renovation costs, property value, lender guidelines, and the specific loan structure can affect the amount of financing available.
Can I renovate an investment property?
No. VA financing is intended for eligible owner-occupied primary residences and cannot generally be used to purchase an investment property.
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