VA Renovation Loans in San Diego, CA
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What is the VA Renovation Loan?
VA Renovation Loans are for military members and veterans who are looking to buy a house that may need a facelift and finance the entire project at once. This loan is the VA version of a FHA 203k loan and there is no need for separate home loan products or personal loans. With the VA renovation loan, the purchase price of the home and any repair/ improvement costs are bundled into a single loan.
What are the benefits of a VA Renovation Loan?
- Customize the home you want with repairs and improvements
- One single loan that includes the purchase price and repair/ improvement costs
- Take advantage of the many VA Loan benefits
- There is no private mortgage insurance (PMI)
What are the Requirements for a VA Renovation Loan in San Diego?
Property requirements are set by the VA and are similar to that of a normal VA Loan purchase. If this is a loan you’re interested in, an expert from our team can help get you started!GET STARTED
What is the Funding Fee for the VA Renovation Loan?
The VA Renovation Loan is subject to a funding fee which is added to the total loan. These fees are paid to the Department of Veterans Affairs and are collected in order to offset the bank or lender's losses if you were to default on your mortgage. These funding fees are the same as traditional VA Loans and are set at 2.3% for first time users and 3.6% for subsequent use. Exceptions are made when a veteran has 10% or greater disability or an active duty member has been awarded the purple heart.LEARN MORE