VA construction loans can be used to build a custom home or to remodel your existing home. Qualifying veterans can apply for VA construction loans through us today. We are proud to offer VA construction loans at Mortgages for Veterans.
VA Rehab Loans
Similar to construction loans, the VA offers rehabilitation loans, which can be used to renovate an existing property. The process is the same as apply for a VA construction loan in that the borrower needs to submit plans and specifications and choose a VA-registered contractor.
VA approved renovation improvements include bathroom and kitchen remodels, flooring repairs and replacement, roofing repairs and replacement, and HVAC repairs and replacement.
To apply for a VA construction loan today, visit our application page.
Energy Efficient Improvements
The VA also offers loans for energy efficient improvements. Acceptable energy efficient imporvements include:
- Installing Solar
- New insulation
- Energy efficient windows
- Weather stripping
- Water heater insulation
- Vapor barriers
- And more
These loans work similar to construction loans in that the funds are only paid to the contractor upon completion and inspection.
Commonly Asked VA Construction Loan Questions
The construction or renovation loan process can be complicated. Here are a few commonly asked questions:
What can I do with an Energy Efficient Improvement loan? Any home renovation that causes a reduction in energy costs can be considered.
Do I have to provide my Certificate of Eligibility? Yes, VA construction and renovation loans work the same as standard VA home loans and that means providing a copy of your current COE.
Are there any special requirements for a VA construction loan? Approval requirements vary by lender, but, generally speaking, VA construction loans require a minimum 620 credit score.
Where can I find VA approved builders or contractors? The VA does not actually approve builders, but builders and contractors are required to register on the VA website.
Sources:
http://www.militaryvaloan.com/blog/va-construction-loans/
http://www.militaryvaloan.com/energyimprovements.html
https://vip.vba.va.gov/portal/VBAH/Home
http://www.benefits.va.gov/homeloans/appraiser_cv_builder_info.asp
