VA Home Improvement Loan

A VA home improvement loan can be a beneficial aspect for many homeowners who need to make updates or repairs to their home. This is an expensive undertaking and more often than not, a loan will be needed. What are the benefits of utilizing a VA home improvement loan? Using the equity in your home is the typical way of obtaining a home improvement loan when you are a veteran. This is especially true if you need to make a home improvement that is going to be expensive, such as a new roof or if you need major updating. Since the loans are guaranteed by the Federal government, lenders are more willing to loan the money you need for the improvements. This is advantageous to the mortgage company as well because many of the improvements made will increase the value of the home. There are many mortgage loan companies that specialize in VA loans for home improvement.

You can also find out more specific information at a government web site when you are looking for the requirements needed for this type of loan. Another advantage of obtaining a VA home improvement loan is there are no penalties if you pay off the loan early. The loan cannot exceed 90% of the home’s value and there are a few requirements for proof of veteran status and residency, but all in all this is a much simpler process than typical loan seekers experience. What is the process for obtaining a VA home improvement loan? The first thing that must be done is a VA appraisal. This must be ordered by the VA and the appraiser must be a VA licensed appraiser. A verification of your employment and income will have to be made available as well as income information for a co-borrower if applicable. As you can see this is basically the same information that you originally had to submit when qualifying for the mortgage loan on the home. Here is what you will need to qualify for the home loan for improving your residence:
The two months that are the most recent pay stubs for borrower or co-borrower
The past two year’s W2s or tax returns for the borrower or co-borrower
A two year history of employment for those borrowing the money – this will include the employer’s address, phone number, the dates worked and the name of the contact person.
If there are other sources of income besides a job, such as child support, settlements, income from rental property, etc.

In addition, if you have assets and any other liabilities that may affect the refinance, they will have to be disclosed to the VA as well. This could include records from accounts such as pension plans, 403b, 401k or an IRA. Naturally they will obtain a credit report to see what shape your credit is in and the feasibility of a VA home improvement loan at this time. So jump in and start the process! Soon you will have all the improvements made and will sit back in your chair and enjoy your improved home.

Jeffrey Ragan has several years of experience helping people reach their goals and wants to help you learn more about VA home loans and other helpful information on their website,

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