What is a VA Rehab Loan?
A VA rehab loan is similar to a 203k loan, but with exclusive benefits for Veterans. It offers 100% financing for the purchase price of a home plus improvement costs with no monthly MI. It is a great financing option, providing the convenience of a singular closing for the purchase and rehabilitation of a home.
Below are some benefits and requirements for the VA Rehab Loan:
- 100% Financing of purchase price plus improvements
- No monthly MI
- One closing for purchase and rehabilitation
- Maximum improvement cost cannot exceed $35,000
- 15% Contingency reserve required
- All work needs to be completed within 90 days of closing
- Contractor approved by Military Direct Mortgage
- Purchase and refinance options available
- Rehabilitation disbursements made when work is complete
Why Choose Military Direct Mortgage
Military Direct Mortgage’s sole purpose is to serve you, for you have served us.
The culture, mission, purpose, values and goals in our organization are positive and focused on how we can offer the very best service to YOU. We invite you to call us, email us, text us, skype us, whatever you prefer! We are available to you at any time.