Can I buy a fixer-upper with a VA loan?
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Video Description:
With the popularity of Chip and Joanna Gaines' TV Fixer Upper—and the popularity of other shows like it—we've had more people asking us about using their VA home loan benefits to buy a fixer upper of their own. And while we hate to be the bearers of bad news, the truth is that you usually CAN'T finance a fixer upper home with a VA loan.
One of the main reasons you can't is that many fixer uppers won't pass the VA's minimum property requirements that get evaluated during the appraisal. And the other reason is that, while the VA does technically allow rehab and renovation loans, it's hard to find a lender who's willing to offer one. (You can check out one of our recent videos, • Does the VA offer rehab and renovation loans? , for more details.)
So, to sum it all up, if you truly want to buy a home in need of renovations, you probably shouldn't plan on using a VA loan to finance the purchase or renovation part of the process. Instead, it might be best to buy and fix up the home with another type of loan and THEN refinance it into a VA mortgage after the updates are completed.
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About Low VA Rates:
Low VA Rates is a VA-approved mortgage lender that was built out of a desire to help veterans access their VA home loan benefits. With over 10 years of experience specializing in the VA loan, you can trust the Low VA Rates team to help you find a mortgage with great rates and terms.
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This video is not intended for residents or homeowners in the states of NY or MA.