Does the VA Loan Cover Renovation Cost?

in my video about using the VA loan to invest in a real estate Kevin Robinson asks did you have to come out of pocket for the renovation costs on the property and for me personally yes I did I purchased a home I lived there for several years I renovated it and then I moved out and turned that home into a rental property however the VA does offer a VA renovation loan I will be honest though but it is kind of a pain in the neck to use a renovation loan while you're under contract with the property you have to get multiple estimates for the work being done and then the VA appraiser has to factor in those estimates and factor in the renovation and give you an appraisal based on the purchase price plus what he thinks a home will be worth after the renovations are done and then after you close on the property that money for the renovation actually goes into an escrow account and you have to pay the contractors directly out of that escrow account it is kind of a pain in the neck but yes it is definitely possible

Channel: Malcolm Lawson - REALTOR

Views: 520

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Id: _D9pIT4o9O4

Length: 0min 54sec (54 seconds)

Published: Thu Jan 12 2023