Can you use the VA Loan for home improvements?
April 7, 2011 by Homes Redo
Filed under home improvements
My wife and I are planning on buying a home for $60,000 with the VA Loan but were wondering if we could get a $70,000 VA Loan and use the remainder for home improvements for it or are you just able to get the loan for the purchase of the house?
No, VA does not offer a renovation loan.
No
You actually cannot when you are purchasing a home. You would have to take out a home improvement loan after you finishing your purchase. If you were refinancing that would be a different story.
A Cash Out Refinance allows the veteran or active duty military to pull cash out of the equity of the loan, hence the name of the loan.You can borrow up to 90% of the equity of the loan. What is done with the cash is at the borrower’s judgment. For example…home improvements.
The company I work for does VA purchases and refinances and could give you more information about either type of loan. You can call talk to someone for more information at 888-567-2848 or visit this website.
http://www.lowvarates.com