Florida VA Rehab & Renovation Mortgage Financing Loans

A VA Renovation Mortgage enables eligible Veterans to either purchase or refinance their current home while including minor renovation or nonstructural repairs into their mortgage. Perfect for foreclosures and short sales homes in need of minor repairs.

Renovation Property & Borrower Requirements

• 1-2 Unit, attached & detached properties allowed.
  
• Not available for Condos.
  
• Primary Residences only.
  
• Florida only.
• The borrower cannot perform any of the work.
  
• No minimum renovation loan amount.
• Total renovation cost must not exceed $35,000.
• Gift Funds are ok.
• 2 Year waiting period for prior Foreclosures & Short Sales.
  
• 620 minimum credit score.
• 6% Seller Credit towards buyers closing costs allowed.

Eligible Renovation Improvements

• Eliminating health and safety hazards.
  
• Connecting to public water and sewerage systems.
  
• Repairing or replacing plumbing, heating, AC, and electrical systems.
• Repairing or installing a new roofing, provided the structural integrity of the dwelling will not be impacted by the work being performed.
  
• Siding, gutters, and downspouts.
  
• Creating accessibility for persons with disabilities installing or repairing fences, walkways, and driveways.
  
• Installing a new refrigerator, cooktop, oven, dishwasher, built-in microwave oven and washer/dryer.
  
• Repairing or removing an in-ground swimming pool.
  
• Installing, replacing, or repairing exterior decks, patios, and porches.
  

Ineligible Renovation Improvements

• Structural Modifications.
  
• Repair or installation of wells.
  
• Repair or installation Septic Systems.
  
• Mold Remediation.
  
• Landscaping and site improvements.
  
• Repairs that prevent the borrower from occupying the property for more than 15 days during the renovation period.
• Adding a swimming pool.
• Repairs or improvements that require detailed plans, engineering, or architectural exhibits.

Time Period For Renovation Work

• The work must begin within 30 days.
  
• The work must not cease prior to completion for more than 30 consecutive days.
• Renovation work cannot exceed 4 months.
  

Renovation Costs

• Total renovation cost may not exceed $35,000 which includes the contingency funds and all inspection fees.
• Contingency reserve are 20% of the sales price if renovation costs are between $0 - $15,000 & 15% if between $15,001 & $35,000.
• 3 inspection fees ($600)
• Permits (if required)
  
• Title Update Fee $100

General Contractor Requirements

• Must be registered with the VA.
  
• List of VA registered builders.
• Must provide a detailed estimate/bid itemizing all the repairs that are to be completed with the costs broken down of materials and labor, and note if permits are going to be required. Sample Contractor Bid
• No funds will be disbursed at closing.
• Subsequent draw amounts will be based on inspections and percentage of work completed. 
• Maximum of three draws to the contractor.

Have you Been Turned Down by your Bank or Lender Because?

• The home needs minor repairs.
• Your credit score is a little too low.

Not to worry........  We close these types of loans all the time, we know the Mortgage Business and can Close Easy, Complex and Tough Deals. We do this by utilizing our years of experience and "Outside The Box Thinking" to get buyers pre-approved for the maximum loan amount possible while keeping their down payment and closing costs as low as possible.

     

Why you should choose First Florida Financial Group, LLC

• We offer same day free pre-qualifications.
• 24-hour underwriting.
• Loan closings in as little as 30 days. 
• Over 50 years combined experience.
• We work for you and only get paid when we’re successful on your behalf! In most cases, our fees are paid by the lender so our borrowers have little or no out of pocket expenses for loan origination costs.
• We don't just offer the normal loan programs like most banks do, We offer ALL loan programs available and we offer them without the additional underwriting requirements and loan limitations that other lenders may have.