has launched a new mortgage product designed to help more U.S. military veterans purchase and renovate their homes. The VA Renovation Loan, offered in partnership with the U.S. Department of Veterans Affairs, is designed to help veterans purchase and renovate a new home or make necessary repairs through the refinance of an existing home. Borrowers may access up to $35,000 in funds to complete repairs and renovations, plus the benefits of a traditional VA loan, such as 100 percent financing.
Features and benefits of the VA Renovation Loan include the following: Up to $35,000 in repairs or renovations; finance up to 100 percent of the as-completed value of the home; can be used for purchase or refinance; primary residence only; and a 620 minimum credit score.
“It is a privilege to come alongside our military veterans and expand their options for a home purchase or renovation,” said Movement Mortgage Chief Executive Officer Casey Crawford. “With many homebuyers facing incredibly tight inventories, this gives our veterans more options, and our Loan Officers more tools to serve them, as they pursue the dream of homeownership.”