VA Home Improvement Loan Requirements

This loan product is a wonderful loan for qualified veterans. But what are the requirements to qualify for this loan? Read on to find out and soon you will be like this house with ladder and toolbox ready to start those improvements.

Basic VA Home Improvement Loans Requirements

• Meet the military service requirements.
• If you are a spouse of a veteran, you must not have remarried to qualify.
• You must meet the basic credit requirements.
• You must have equity in your home.
• If the loan is $3,000 or less it can be secured with a guarantor, a mortgage is not necessary.
• Your home must be currently secured by a mortgage.
• Reside in the state in which you are applying for the loan and give proof of this residency.
• Obtain a Certificate of Eligibility.
• Use a lending institution that specializes in VA home improvement loans.
• Applicants may have more than one Home Improvement Loan.

First thing you need to do is obtain a Certificate of Eligibility. You can get these forms by visiting the official website for VA Forms. But before you even do that, as with all loans you will need to have your credit in good order. You will also have to have the ability (or income) to pay back the loan. So before you get the Certificate of Eligibility, make sure you have all these things in place.

The appraised value of your home will be considered. That way they can determine if you have the available equity to apply for this type of loan. Your income and employment will be verified.

Provide These Items for VA Home Loans

• Two of the most recent pay stubs for all who will be on the loan.
• Past two year's W2's or past two years tax returns for all who will be on the loan.
• Two years of employment history including information like date of hire, address of employer, phone number of human resources department or supervisor to verify this information.
• If you have other sources of income you will need proof of that also.

Other VA Mortgage Requirements

Just like any other loan, they will look at your assets and liabilities. That means they may ask for your past two months of bank statements. They will want to see statements for any investment, savings, or retirement accounts.

Once you qualify for this VA loan, there are many projects you can use this type of loan for. For example, you could upgrade your furnace and air conditioning unit. Perhaps you would like to add a garage to your home. Or you may want to upgrade your plumbing or completely upgrade your bathroom. Possibly you may want to purchase new windows to increase the energy efficiency of your home. All of these are the types of projects that a home improvement loan can be used for.

Be sure to consider the many advantages of VA home loans. The interest rates are very low and you can finance up to 15 years. Another advantage is you can qualify for more than one improvement loan as long as you have the equity in the home to substantiate it.

The advantages make it worth meeting the requirements so you can qualify for a VA Home Improvement Loan. So dig in and get the process started and soon you will have your home all improved!

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