Mortgage Blog

VA Renovation Loan

It can be difficult in the current housing market to find an affordable home which is updated and ready to move into. Fortunately, there is an option for veterans to take out a Naples VA renovation loan through Core Mortgage Financial. 

Veterans deserve our respect and support. With a renovation mortgage, they can get the chance to move into the home they truly want for themselves and their families. 

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Advantages of a Naples VA renovation loan 

A renovation loan will include the cost of the property and necessary home improvements. Because there is only one actual mortgage, the borrower has less paperwork to keep track of and can save money on fees, especially closing costs. 

By only going through the process once, there will only be one transaction and credit application. Managing one loan will be easier than managing multiple loans. Like other VA loans, borrowers will receive the home improvement draws directly after the loan closed, before renovations have begun. 

Borrowers can receive up to $50,000 beyond the original purchase price to apply towards home improvements, including luxury items like pools or kitchen upgrades. The choice is in the hands of the home buyers. The amount you can borrow is equal to the cost of the home after all improvements are complete.

The advantages of using Core Mortgage Financial

Because our Renovation Specialists are experts and have handled many of these kinds of loans, we know how to make the process smooth from start to finish. We make it easy for you to get started and guide you every step of the way.

If you are a veteran seeking to buy a home in Naples, Florida, you may be able to benefit from this program. Please feel free to call any time of the day or night to speak to a Core Mortgage Financial loan specialist.

Call our team today at 239-514-2674 OR apply online and our experts will call you back today.

Helpful Terms Defined:

Mortgage: Collectively, the security instrument, the note, the title evidence, and all other documents and papers that evidence the debt. A Mortgage is a loan secured by a lien on real estate held in fee simple or on an acceptable leasehold estate. A loan made for the purpose of purchasing, building or rehabilitating real property, and secured by that property. A pledge of real property as collateral for payment of debt. The term is also used to describe both the mortgage (security instrument) and the promissory note evidencing the debt, which includes the terms of the debt’s repayment.

Note: The evidence of indebtedness for a mortgage loan. A note is the instrument evidencing the indebtedness secured by a security instrument that sets forth the amount the owner owes the lender and the manner in which the debt is to be satisfied. The note establishes the payment terms, conditions under which prepayments may be made, and the lenders rights in the event of default. A written agreement between the mortgagor and the mortgagee specifying the amount and terms of repayment for a loan.

Disclaimer: Rates, Programs, guidelines are subhect to change without notice/ NMLS #1743702

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