Improving Your Home With A VA Loan
The Veteran’s Administration developed a home loan program for individuals who served in the armed force so that they could purchase a home a little easier than the average civilian. The government felt that veteran’s should be able to get affordable housing at better interest rates because of the service they provided their country. In addition to loans to purchase homes, the VA also administers VA home improvement loans for their veterans. These VA home improvement loans are to help you fix up you home and are considerably cheaper than standard improvement loans.
Improving Your Home With A VA Home Improvement Loan
If you already have a VA home loan, then you can qualify for a VA home improvement loan. A VA home improvement loan can be used to repair an existing house that needs updating and can be used for any repairs made inside or outside the structure itself. Some of the things a VA home improvement loan has been used for include but are not limited to: updating plumbing and related fixtures; adding a garage; remodeling a home; installation of a new furnace or air conditioning; repairing a roof; and install new windows to name just a few.
How Much Can I Borrow With A VA Home Improvement Loan
When you apply for VA home improvement loans, you will be eligible to borrow up to ninety percent of your homes equity. There used to be a maximum borrowing cap of $25,000 on VA home improvement loans, but this cap has since been lifted to accommodate the rising costs of living. If you borrow $3,000 or less, the VA will use a guarantor instead of a mortgage to guarantee your loan. Interest rates are fixed, usually start as low as 5% and run for 15 years. Best of all, you be adding equity to your home and if you need multiple VA home improvement loan, you may be able to qualify for it.
How Do I Get A VA Home Improvement Loan?
If you are a military veteran and already hold a VA home loan, you can try and qualify for VA home improvement loans. Additionally, if you are the surviving spouse of a veteran who died during active duty and have not remarried, you can try and qualify for VA home improvement loans. Serving in the National Guard or the reserves for a required number of years also makes you eligible to get VA home improvement loans.
Processing VA Home Improvement
The VA does not process the loans so you would need to fill out our form. You will need to prove your military service and that you are a veteran and eligible in the state which you are applying. You will need to provide proof of residency. You will need to obtain a Certificate of Eligibility which can found at the U.S. Department of Veterans Affairs website. Once you receive the certificate stating that you are eligible, you can send us a copy and and proceed to funding your loan.
