The VA guidelines for this loan are very vauge. there are a few things set in stone but you will find as I have found each lender interprets the guidelines as they see fit. So if one lender wont lend for what you want to do another might. As for structural you can do minor structural if it is required for livability or safety. The terms livability and safety give a huge amount of leeway on what the loan can be used for.
Just read the Lenders Handbook: VA Pamphlet 26-7 and I didn't see all of the restrictions she mentioned with the exception of "Installation of features such as barbecue pits, swimming pools, etc." This seems like a case of the lender just not wanting to take any more risk or take too long to close a loan. The handbook doesn't specify a limit of $50k either. I think as lenders get more comfortable with these loans and contractors get out of this supply shortage we will start to see lenders loosening these "restrictions." I understand lenders are running a business but seems to be shorting veterans out of some great benefits to avoid doing more work or accepting more risk. Just my two cents.
For VA renovation there is reasoning behind all of the lenders guidelines. For VA we have very limited time to get the construction done so they only allow cosmetic work. I do have resources for VA new construction up to $1mill - Chris DePaepe/Jennifer Beeston
When you say you have to be a trades person does that mean you have to have a contractors license? I have a background in the trades, Ive done pipefitting, commercial electric, and carpentry/flooring (built tiny homes) would that technically qualify me to be able to get the reno loan to redo my flooring and kitchen?
what about to finish a basement, to completely finish an unfinished basement like putting a floor, a kitchen, a bathroom etc. will te va loan approve that?
This has been gold! I was looking at a multifamily that'll need a little. So am I understanding it correctly that the max cap is 42k in addition to purchase price with 4 months for completion of work from closing date?
you could do a va renovation loan for that in theory. I would need to look at the cost of the house and what you qualified for as you would need to be qualified for the house + the repair cost.
@@JenniferBeeston Was in the area, I stopped by to see it again today. I met the owner they just closed with another buyer. but that does not mean that there is not a house for us out there. Looking forward to your help when we’re ready.
Hello there I got a question I am a veteran can you guide me asked you an actual lender or a bank that is willing to do a VA one time construction loan or even a two time close but utilizing the VA.
Text me at 707-478-0637 with your email address and that you want to do one time close and I’ll introduce you to the gal Guaranteed Rate that does those
Daniel, I was terrified, but decided to make that call, and I'm going to be closing on my house on the 25th unless the seller can do it sooner. It can be stressful but Jennifer has the most amazing people working with her. I will never be sorry that I made that call. You got this. Just make sure you have all your information together and call her.👍🏻🙌
