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VA Renovation Loans.You Served, You Earned It!

The Zero-Down Payment Renovation Mortgage for our Veterans and Current Military Personnel

With Millennial Home Loans quick online loan application, determining if you qualify for an VA Renovation Loan and for how much, has never been easier.

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Not ready to apply online? No problem. Answer a few questions, and a VA Renovation Home Loan Mortgage Expert will call you back.

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VA Renovation Loan interest rates change on a daily basis. To receive a quick quote on current interest rates Click Here to receive an update interest rate quote.

VA Renovation Loan Program Benefits

  • The VA Renovation Loan program allows VA eligible borrowers to create one loan amount, including a repair budget to make minor alterations and non-structural repairs, which when:
    • Purchasing a house can be combined with the purchase price
    • Refinancing an existing loan can be combined with the current mortgage payoff amount
  • Greater appraised value, as the VA Appraiser will determine the property value based on the “after-completed value” Vs. the current "as-is value"
  • $0 down provided the loan amount doesn’t exceed the appraised property value or maximum VA County loan limits
  • No Monthly Mortgage Insurance or PMI, saving you thousands over the life of the loan
  • Flexible credit requirements, with credit scores down to 620
  • Safe, secure 30 Year fixed rate mortgage or lower interest rates with an adjustable rate mortgage
  • With seller help, no out-of-pocket closing costs
  • Most property types allowed

VA Renovation Loan Qualification Requirements

  • Property, including projected repairs from the Contractor Proposal, must meet VA appraisal guidelines
  • Home must be habitable at the time of the application
  • Down payment required if loan amount exceeds maximum County VA loan limits
  • Renovations must be completed in four months
  • A third-party VA Renovation Contractor must complete all repairs
  • Borrower must be able to obtain a Certificate of Eligibility from the VA
  • All borrowers on the loan must have a minimum 620 middle credit score
  • No foreclosure or short-sales permitted within the last 2 years
  • No Chapter 7 bankruptcies within the last year

VA Renovation Loan Eligible Repairs:

  • Eligible Repairs:
    • Cosmetic Repair and minor alterations
  • Ineligible Repairs:
    • Structural modifications, including tear downs, additions, etc.
    • Oil tank repairs, removal, or remediation
    • Any repairs or installations involving a private water system (i.e. Wells)
    • Any repairs or installations of a private waste management system (i.e. Septic)
    • Mold remediation
    • Landscaping and site improvements
    • Recreational and luxury improvements, such as new swimming pools, hot tubs, etc.
    • Any repairs that will take more than four months to complete
    • Any repairs that prevent the borrower from occupying the property for more than 15 days during the renovation period
    • Any repair that is done as Self Help