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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

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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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Today's VA Renovation Loan Interest Rates
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