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June is for fresh starts, including home renovations.
As the days get longer and the weather warms up, June sparks a sense of renewal. It’s the perfect time to tackle projects that have been sitting on the back burner, especially when it comes to upgrading your living space. If you’re a Veteran or active-duty service member, there’s one option that might surprise you: the VA Renovation Loan.
Whether you’re buying a new home that needs some work or looking to refresh the one you already own, this program could be the key to making it happen with little to no upfront cost.
What are the benefits of a VA Loan program?
The VA loan benefit is earned through military service and is one very advantageous way that military personnel can buy, build, or improve a home. A few reasons that VA loans are a great option for qualified buyers and current homeowners:
- No down payment as long as the sales price isn’t higher than the home’s appraised value (the value set for the home after an expert reviews the property).
- Better terms and interest rates than other loans from private banks, mortgage companies, or credit unions (also called lenders).
- The ability to borrow up to the Fannie Mae/Freddie Mac conforming loan limit on a no-down-payment loan in most areas—and more in some high-cost counties. You can borrow more than this amount if you want to make a down payment. Learn more about VA loan limits here.
- No need for private mortgage insurance (PMI) or mortgage insurance premiums (MIP).
- No penalty fee if you pay the loan off early.
What is the VA Renovation Loan?
The VA Renovation Loan lets eligible borrowers roll the cost of home improvements directly into their mortgage, without needing a second loan or draining their savings. It’s designed specifically for primary residences and offers up to 100% financing, making it one of the most accessible ways to upgrade a home.
For example, maybe you want to modernize your kitchen, replace outdated flooring, or add accessibility features to suit your needs. As long as the repairs are non-structural and can be completed within 75 days of loan funding, they may be covered.
What can you use it for?
Eligible renovations include everything from new appliances and updated HVAC systems to roof replacements, plumbing work, bathroom remodels, and more. The loan is flexible enough to support both cosmetic improvements and essential repairs. In short, if the work makes the home more livable, efficient, or functional, there’s a good chance it’s allowed.
Who can apply?
This program is available to active-duty service members, Veterans, Reservists, National Guard members, and certain surviving spouses. If you’ve served our country, this is one way your benefits can serve you—helping you build a better home with a smarter financial strategy.
Not a VA Borrower? You’ve still got options!
Even if you don’t qualify for the VA Renovation Loan, June is still a great time to explore other renovation financing options:
- FHA 203(k) Loans – These are perfect for homebuyers or homeowners looking to finance repairs and upgrades. The “Standard” version allows for structural changes and phased construction, while the “Limited” version is ideal for smaller, cosmetic projects.
- Fannie Mae HomeStyle® Renovation – A conventional loan that covers a wide range of upgrades, including landscaping, green energy improvements, and accessory dwelling units (ADUs)
- Freddie Mac CHOICERenovation® – Similar to the HomeStyle loan, this option is designed for buyers who want to customize or modernize their home purchase while keeping everything under one convenient mortgage.
Why June is the ideal time to start?
With summer break in full swing and longer daylight hours, June offers the perfect window to start a renovation project—especially one that can be completed before fall routines pick back up. Contractors may be more available, and renovation financing can give you the boost you need without delaying your goals or draining your savings.
If you’re thinking about buying a home that needs a little work or you’re ready to tackle that dream upgrade, this might be your moment. Ready to explore your options? Reach out today and take the first step toward making it happen.
Bill Stern | The Stern Team
Branch Manager | NMLS ID # 267577
CMG Home Loans | NMLS ID# 1820
M: 540-222-0164
bstern@cmghomeloans.com
Notice: This is an advertisement and is not a commitment to lend. Contact a loan officer today to explore the financing options specific to each borrower.
Visit corcoranmce.com to search listings for sale in Washington, D.C., Maryland, Virginia, and West Virginia.
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