16 Sep Home Improvements and Renovations Covered by the VA Loan
Guest Blogger, John Ridlehoover
The VA loan has helped many veterans, active military, and their dependents obtain home ownership. The VA loan offers many benefits not included in conventional loans, including lower interest rates, lower monthly payments, no money down, and much more. Another benefit of the VA loan is that it will cover some home renovations and improvements in certain cases!
In recent years, the VA loan has been supportive of improving energy efficiency in homes. If you are, for example, interested in replacing your old refrigerator with an energy-efficient one, then you may be able to cover it with your VA loan. A VA Energy Efficient Mortgage can cover the installation of solar powered heating and cooling units, energy-efficient dishwashers, and lighting.
Other energy-efficient installations that can be made with the VA loan include:
- Storm Doors and Windows
- Home Insulation
- Water Heater Insulation
- Heat Pumps
Not only will these improvements help the environment, but they will also save you plenty of money on your electric bill.
Renovations for Disabled Veterans
Disabled veterans needing home renovations on account of their disability may be eligible for renovation financing. Specifically, the grant for disabled veterans is known as the “Specially Adapted Housing Grant.” This grant can cover the remodeling of an existing home or the construction of a new home. The veteran must have a permanent and total service-connected disability to obtain the Specially Adapted Housing Grant, plus other requirements that can be found here.
Using Additional Cash
If you are looking for home renovations such as a new paint job, carpet installation, or new cabinets, then your best option may be using any leftover money that you receive from your VA loan. For example, if your VA loan appraises for $200,000 but you only need $175,000 for the house, then you have an extra $25,000 that can be used for home improvements!
The VA loan can help you finance the buying of a condo, home, or other type of property. It is much easier to qualify for, and offers the lowest interest rates. For more information, or to apply for a VA home loan, contact VA Home Loan Centers.
John is the Senior Editor at VA Home Loan Centers with experience writing for several different online publications. He has written on subjects ranging from politic news to music and movie reviews. John got his B.A. in Professional Writing at Lander University.