Movement Mortgage rolls out VA renovation loan program

The purchase price and renovations costs are included in one loan

Movement Mortgage rolls out VA renovation loan program

Retail mortgage lender Movement Mortgage has introduced the VA Renovation Loan, a new mortgage product aimed at US military veterans who want to purchase and renovate their homes.

Under the program, which the company is offering in partnership with the Department of Veterans Affairs, both the purchase price and renovations costs are included in one loan. The program also covers veterans who want to make necessary repairs through the refinance of an existing home.

The program offers up to $35,000 in funds for borrowers to complete repairs and renovations. In addition, borrowers also enjoy the benefits of a traditional VA loan, such as financing for up to 100% of the as-completed value of the home. The program covers loans for the purchase or refinance of a primary residence only for borrowers with a minimum credit score of 620.

Other standard VA loan benefits for qualified borrowers include 100% financing without requiring mortgage insurance, reduced or no lender fees, and property tax reductions in some states.

Movement Mortgage is offering the VA Renovation Loan nationwide, effective immediately.

“It is a privilege to come alongside our military veterans and expand their options for a home purchase or renovation,” Movement Mortgage CEO Casey Crawford said. “With many homebuyers facing incredibly tight inventories, this gives our veterans more options, and our loan officers more tools to serve them, as they pursue the dream of homeownership.”

 

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