the basics

So you're a qualifying veteran who is looking to utilize your VA lending benefits but the home you found needs a bit of work. This loan program is for you, as long as you don't want to make any structural changes.

General information:

• Fixed interest rate or adjustable interest rate
• Conforming loan limit applies
• Credit score as low as 600
• Down payment as low as $0
• Must be owner occupied, or a second home when using IRRRL


The details

• Down payment as low as $0 if the total loan is below the conforming limit
• Down payment is 25% of the amount over the conforming limit
• 1 to 4 unit properties
• Modular and manufactured homes are not allowed
• No minimum repair amount, maximum is $35,000 including all costs
• Work to begin within 30 days and be completed within 90 days
• No structural work or repairs, no landscaping, no uninhabitable homes
• Repair/replace roofs, flooring
• Repair/replace heating/cooling, plumbing and electrical systems
• Remodel kitchen, bathrooms
• New paint, doors, windows, siding
• New appliances
• Accessibility, basement finishing, pool repairs up to $1500