Comments on: VA Home Improvement Loans

By: Stephanie

Stephanie — Wed, 28 Sep 2011 19:55:39 +0000

Hi, my husband and myself are both veterans who have never used our Certificate of entitlement. We are very interested in purchasing a home that needs some repair work and also has some code violations from the previous owner. Will the VA help finance the repairs prior to us purchasing the home or can we buy it “as is” and then take out a separate construction loan to cover the cost? Thanks!

By: themightyquin

themightyquin — Wed, 10 Aug 2011 23:09:17 +0000

It’s one in the same. Essentially you are refinancing your VA home loan and using your VA eligibility to qualify for the new loan. The cash out is taken against your existing equity. The lender requirements may very but essentially your VA loan can be used to buy AND / OR repair a home.

By: Todd

Todd — Mon, 20 Jun 2011 11:39:07 +0000

I already have a VA home loan on my current principal residence. Is the VA home improvement loan a seperate loan from my current VA home loan? OR

Is this just another name to “refinance of my current VA loan” and pull money out of my equity?

By: themightyquin

themightyquin — Fri, 09 Oct 2009 15:07:07 +0000

Hello Issac,

Good question- But your dealing with two very separate issues here….

Your VA eligibility certificate means you are “eligible for VA loan financing.” And, provided you meet VA loan guidelines, you can get a VA loan.

The lack of equity in your home or the fact that you want to make home improvements is a separate matter altogether. While you are eligible for VA financing, you can’t pull cash out of your home to make improvements with no equity.

Without equity this transaction is not possible.

By: Issac Robinson

Issac Robinson — Sun, 04 Oct 2009 21:08:18 +0000

I have a balance on my Certificate of entilement for the VA. I don’t have a lot of equity on my house yet but I would like to do some home improvements. Could I still us this entitlement to improve the value of my home even though I dont have equity?

By: SUBBITT

SUBBITT — Sat, 12 Sep 2009 04:02:52 +0000

Story added…

Your story was featured in SUBBITT! Here is the link to vote it up and promote it: http://www.subbitt.com/World/VA_Home_Improvement_Loans...