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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.
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:
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:
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