Question:

What can I use a VA home improvement loan for?

Answer:

The VA not only allows eligible borrowers to attain homeownership, but also offers a VA home improvement loan program to improve existing residences.

A VA home improvement loan can be used for energy efficient improvements.

Insulation, solar powered systems, advanced energy-saving heating/cooling systems and any other improvement to reduce energy consumption in the long run could be approved by a VA lender. Improvement of plumbing systems, roof replacing and new air-conditioning are also examples of projects to be considered for energy efficient VA home improvement loan.

VA home rehab loans are easy to get.

For home rehabilitation costs less than $3000 you only have to present the lender with the receipt. For bills larger than $3000 and less than $6000, the VA loan applicant may present evidence of utilities bills reduction over time.

Also, eligible applicants may take more than one VA home improvement loan - VA loans may be extended for either energy efficiency improvements, or for general home rehab.

Recommended helpful present and future homeowners links:
Why: Refinance to a fixed rate loan while mortgage rates are still low.
Link:
Why: Because FHA loans are insured by the US Federal Government they have very competitive interest rates and are easier to qualify.
Link:
Why: Know and protect your credit report and score.
Link: See All 3 National Credit Scores & 3 Reports Instantly, Online & Free
Why: Find your next home and save money.
Link: Search thousands of foreclosures. Free 7-day trial.
Link this QnA Print del.icio.us Digg
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.9/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
 Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA:

Common misspellings: mortage and morgage