Can You Use a VA Loan to Buy a Fixer-Upper?
Many veterans wonder if they can use their VA loan benefit to purchase a fixer-upper. The answer is nuanced and depends on several factors.
Many veterans wonder if they can use their VA loan benefit to purchase a fixer-upper. The answer is nuanced and depends on several factors.
VA Minimum Property Requirements
VA loans have Minimum Property Requirements (MPRs) that a home must meet:
- Safe and sanitary living conditions
- Sound structural integrity
- Adequate heating and cooling
- No major safety hazards
A true fixer-upper that doesn't meet these standards may not qualify for a standard VA loan.
VA Renovation Loan
The VA Renovation Loan allows you to purchase a home and include the cost of repairs in your mortgage. This can be a great option for:
- Homes that need cosmetic updates
- Properties requiring minor repairs
- Houses that need to meet MPRs
Working with the Right Lender
Not all lenders offer VA renovation loans. It's important to work with a lender experienced in these products. MUSTWANTS can connect you with vetted lenders who understand VA loan products.
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