VA Renovation Loans in New Mexico

Down Payment Required: None

Minimum Credit Score: None officially, but most lenders have their own minimum credit score

Other Requirements: Must be a Veteran

Frequently Asked Questions About VA Renovation Loans In New Mexico

What is a VA renovation mortgage loan?

A VA Renovation Loan is a fantastic mortgage option provided by the U.S. Department of Veterans Affairs (VA) for eligible veterans and service members looking to purchase a home that requires renovations or to refinance their current home and include the cost of necessary improvements. This unique loan package, also known as a “VA rehabilitation loan” or “VA rehab loan,” combines the financing for the home purchase or refinance and the funds needed for renovations into a single loan, making it easier for veterans to achieve their dream home.

Do you only offer VA renovation mortgage loans?

VA renovation is one of several programs that I offer. I am a full service mortgage broker with VA, FHA, Conventional, USDA, Non QM and more,

Do you only do business in New Mexico?

I serve the entire state of New Mexico including:
Albuquerque, Las Cruces, Rio Rancho, Santa Fe, and Roswell.

What types of improvements can be financed with a VA renovation loan?

VA renovation loans offer flexibility when it comes to the types of renovations and repairs that can be financed. Generally, the goal is to improve the property’s condition and livability, enhancing its overall value. Common eligible renovations and repairs include:

Home Remodeling: Veterans can use VA renovation loans to remodel existing spaces such as kitchens, bathrooms, basements, or adding an additional room.

Accessibility Improvements: Veterans can use the loan to make their home more accessible, such as installing ramps, wider doorways, or roll-in showers to accommodate mobility challenges.

Energy-Efficient Upgrades: Improving the home’s energy efficiency with features like energy-efficient windows, insulation, or HVAC systems may also be included in the loan.

Plumbing and Electrical Work: Renovation loans can cover upgrades or repairs to plumbing and electrical systems to meet current safety standards.

Flooring and Painting: Funds can be allocated for installing new flooring, painting the interior and exterior, or any other cosmetic improvements.

It’s important to note that while the loan allows for a wide range of renovations, the scope and extent of the improvements must align with local building codes and regulations. Additionally, the renovations must be deemed reasonable and necessary by the lender and the VA.

When applying for a VA renovation loan, borrowers will need to provide detailed plans and cost estimates for the proposed renovations. The lender will review these plans to ensure they comply with VA guidelines and will require that the renovations be completed by licensed contractors.

Overall, VA renovation loans provide veterans with the financial means to make essential upgrades and improvements to their homes, enhancing their quality of life and increasing the property’s value in the process.