Are you a veteran, an active-duty service member, or a surviving spouse looking to buy a home that needs a little TLC? Or perhaps you’re a current homeowner who wants to make some updates to your property to increase its value and improve your quality of life. Whatever your situation may be, the VA renovation loan program could be the solution you’re looking for.
At BankSouth Mortgage, we understand that home improvements can be costly, especially if you’re on a tight budget. That’s why we want to introduce you to the VA renovation loan program, which is designed to help eligible veterans, active-duty military members, and their surviving spouses finance home improvements or repairs while also purchasing or refinancing their home.
Here’s what you need to know about VA renovation loans:
What is a VA renovation loan?
A VA renovation loan is a type of loan that allows you to include the cost of renovations, repairs, or improvements in your home loan, up to the appraised value of the property. The loan covers the costs of the renovation or repair work, and the interest rates are typically lower than traditional home improvement loans.
What types of projects are eligible?
The VA renovation loan program is available for a variety of projects, such as remodeling a kitchen or bathroom, upgrading heating, ventilation, and air conditioning systems, installing new flooring, and more.
Unique benefits of a VA renovation loan
By choosing a VA renovation loan, you can enjoy the benefits of a VA home loan, such as no down payment, no private mortgage insurance (PMI), and competitive interest rates. Plus, you can make the necessary updates to your home without breaking the bank.
Who is eligible?
To be eligible for a VA renovation loan, you must be a veteran, active-duty service member, or surviving spouse of a service member who died while on active duty or as a result of a service-connected disability. You must also meet certain credit and income requirements and obtain a Certificate of Eligibility (COE) from the VA.
How to apply
Our team of experienced mortgage loan officers can help you navigate the application process and answer any questions you may have about the program. To get started, you can fill out an application online or contact one of our loan officers directly.
At BankSouth Mortgage, we are committed to helping our veterans and active-duty military members achieve their homeownership goals. If you’re interested in learning more about the VA renovation loan program or want to apply for a loan, please do not hesitate to contact us. We’re here to help you make your dream home a reality.