What can a VA Loan be used for?
Posted on: December 17, 2012
- To buy a home, including townhouse or condominium unit in a VA-approved project.
- To build a home.
- To simultaneously purchase and improve a home.
- To improve a home by installing energy-related features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/ caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA. These features may be added with the purchase of an existing dwelling or by refinancing a home owned and occupied by the veteran. A loan can be increased up to $3,000 based on documented costs or up to $6,000 if the increase in the mortgage payment is offset by the expected reduction in utility costs. Check with a lender for details.
- To refinance and take cash out up to 100% of the appraised value in some cases,
- To refinance an existing VA loan to reduce the interest rate.
- To buy a manufactured home.
VA home loan quotes are freely available
The VA home loan program is an excellent deal for active duty military personnel and non-active duty veterans. Take advantage of your benefits.
- Loan Amounts Up to $417,000 and higher in some high cost areas.
- 15, 25 or 30 Year Loan Terms
- Up to 4% Seller Paid Closing Cost Allowed
- No Mortgage Insurance
- Allowed To Finance Up to $6000 For Energy Improvements
How can I obtain more information about VA home loans?
Contact us today with any questions.
Here are some links to additional information
Source: VA Handbook