The question comes often – is there a renovation loan for VA loans or homes where buyers want/need to use VA financing? The answer is no, but there are solutions that can help your buyer still secure the home that is not up to VA minimum property standards. HomeBridge Financial Services offers its HomeFixer product on all loans – including VA. Here are the highlights that can help you save another sale and add value to your home buyers in the market.
- Repair escrow is available on ALL HomeBridge loans, including VA, USDA and Jumbo
- Maximum amount of repairs is $5,000
- None of the repairs can affect habitability or safety of the subject property
- Repairs must be completed within 14 calendar days of closing
- An estimate from a licensed contractor (or other qualified professional) is required listing all repairs
- Buyer must escrow 1 ½ of the repair amount (buyer’s own funds)
- ALL Works is done AFTER Closing