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VA Home Improvement Loan

Most homes aren’t perfect, and as your family grows, it’s likely that even if your home was perfect before, it might start to be less than what you need. It could be that you’re looking to put in another bathroom, a spare bedroom, or build a patio. Perhaps you’re interested in saving more money in the long run by making your home more energy efficient. The VA home improvement loan allows you to access up to 100% of your home’s value to cover improvement projects.


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VA home improvement loans have specific requirements. On any VA home improvement loan several factors will be taken into account to determine your eligibility. These factors are intended to achieve several purposes: determine how large of a loan you could be approved for, and your ability to pay off the loan over time.


Appraised Value

Getting a home improvement loan is likely to directly affect the value of your home because of the improvements you use the loan for. As such, an official VA appraisal needs to be conducted on the property before the loan can be approved. The initial appraisal is also very important because the VA limit on the size of your home improvement loan is up to 100% of the value of your home. In order to know the value of the home, an official VA appraisal must take place on the property. Work with one of our VA loan specialists to estimate the value of your home before the appraisal and discuss the most beneficial VA home improvement loan option. 

Income & Employment

Much like a new purchase loan, the home improvement loan requires verification of your income and employment. Since a home improvement loan can potentially be as large as the mortgage on your home, making absolute sure that you’ll be able to afford the additional monthly payment is one of the lender’s highest priorities – and it should be one of yours too. The following will need to be provided to the lender:

  • Two most recent months pay stubs for all borrowers
  • Two most recent year's W2 forms (or tax returns) for all borrowers
  • Two year employment history and employer information including dates of employment, addresses, phone numbers & contact person
  • Proof of outside sources of income including rental property income, personal investments, settlements, child support, etc.

Assets & Liabilities

When working towards getting approved for a VA home improvement loan, the veteran will need to disclose all of their assets and debts (liabilities) to give the lender an accurate picture of how well the veteran could afford a refinance. Assets are different from income and can give the lender a good view of how financially savvy the borrower is as well as what the borrower’s net worth is. Expect to be asked for these documents:

  • Two most recent months statements from all your accounts including checking, savings, investment, and retirement accounts(IRA, 401k, 403b, Pension).
  • A credit report speaks to credit worthiness and helps a loan underwriter determine a veteran’s monthly debt obligations.


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