Recently, the Department of Veterans Affairs released long-awaited guidelines for 100% financed purchase-rehabilitation loans for military veterans. Veterans can now use their home loan to pay for renovations! That’s a huge deal! Veterans will still get the benefits of a no-down VA-backed loan for a home, but won’t have to meet the agency’s tough standards until after the house rehab.
The rehab work, which is limited to repairs and upgrades, must be completed within 90 days of receiving a loan. The money cannot be used for structural additions, although a buyer could add a room if it doesn’t involve removing a load-bearing wall. The appraisal must support the purchase price plus the improvements, a termite certificate has to be issued before the loan can be approved, and the buyer can’t act as the general contractor.
This opens up doors for veterans who are looking for fixer-uppers or who couldn’t find homes that met VA requirements and fit within their budget.
As a military family for over 21 years, we understand the importance of hiring a Realtor who is a certified military relocation professional. We have been there and done that when it comes to PCSing and we can help you to have a seamless move as well. Call us at 801-821-9400 to schedule a FREE consultation or visit www.UtahDreamProperties.com to search all homes for sale or find out more about our team and the home buying or selling processes.