New VA loan option is good news for vets | Take Me Home | Bend | The Source Weekly - Bend, Oregon

Information comes at a price.

This story is brought to you by Bend’s only locally owned newspaper, and crafted by journalists who live in this community, right alongside you.
We’re 100% local, and our coverage never comes with a paywall.

This story is the result of our hard work, and in normal times, the result of the support of the advertisers in Central Oregon.
In the age of COVID-19, however, that support has taken a hit—but that’s where you come in.

As you enjoy this story, we ask you kindly to consider supporting us at a time when local news is more important than ever.
Help us continue to bring you the stories of Central Oregonians affected by coronavirus, the stories of how our community is adapting, and the accounts of how our governments and local businesses are responding to the crisis.

Before you read on, we ask you to consider becoming a member of our Source Insider membership program at bendsource.com/insider

Information comes at a price, and now's a great time to pay it forward.
Support Us Here

Culture » Take Me Home

New VA loan option is good news for vets

by

2 comments
WIKIMEDIA
  • Wikimedia

The Department of Veterans Affairs released guidelines for 100 percent-financed rehabilitation loans for veterans that were much needed. Until recently, a VA-financed home had to be pretty much perfect, but with the new program, financing can be added to bring homes up to the standards of the VA. The rehab work is limited to repairs and upgrades and must be completed within 90 days. The funds can't be used for structural additions, but buyers could reportedly add a room as long as it doesn't involve removing a load-bearing wall. As with any loan, the appraisal must support the purchase price and value of the proposed improvements.

The loan limits are $35,000 and can include such things as roof repairs, floor repairs, electrical and plumbing repairs and replacements, HVAC repair and replacement, foundation repairs and energy efficiency upgrades. The nice thing is that it can all be one purchase loan instead of a second loan being needed for the improvements.


Speaking of Veterans Loans, Department Of Veterans Affairs

Comments (2)

Showing 1-2 of 2

Add a comment
 

Add a comment

Latest in Take Me Home

More by Nick Nayne, Principal Broker