Can I get a VA Loan for a fixer upper?
I have found a magnificent home that is in need of repair. It's a newer home that bank foreclosed on. The previous owners removed cabinet doors, a couple sinks, closet rails and many light fixtures through out. I VA states that the home must be livable and it most certainly is. But there is a lot of work that needs to be done.
- RandyLv 610 years agoFavorite Answer
It's up to the lender. The VA just guarantees the loan. They don't actually give you the money, the bank does.Source(s): I tied to use VA a couple of times, and they always denied me. FHA was a better way to go.
- Quicken LoansLv 510 years ago
There shouldn't be a problem using a VA loan for a fixer upper, as long as the house appraises at the value of your mortgage. That would be the only requirement.
Also, your home needs to be your main place of residence. You can't use a VA loan for a second home or an investment property.
Hope this helps.