Plaza Home Mortgage Inc.
, a San Diego-based national wholesale and correspondent lender, is now offering a VA Renovation Loan Program that is designed to help veterans buy and upgrade homes.
According to the company, the program is available through its national correspondent and wholesale channels and allows qualified borrowers to purchase a home without requiring a downpayment and to finance up to $50,000 in improvements via one loan. The program can also be used for refinancing on up to 100 percent of the after-improved value of the property.
“In many parts of the country, veterans are facing the dual challenges of rising home prices and limited inventory when they are shopping for a home,” said Jeff Leinan, Senior Vice President of National Wholesale Production of Plaza Home Mortgage. “This innovative program gives these borrowers the flexibility of buying less expensive homes that may need work, and financing the purchase and the upgrades in one affordable loan.”