VA Renovation Loans Florida
Florida VA Renovation & Rehab loans enable eligible Veterans to either purchase or refinance their current home while including minor renovation or nonstructural repairs into their mortgage. Perfect for foreclosures and short sales homes in need of minor repairs.
DUE TO COVIT-19 THIS PRODUCT HAS BEEN TEMPORARILY SUSPENDED
Florida VA Renovation Requirements
- 1-2 Unit, attached & detached properties allowed.
- Not available for Condos.
- Primary Residences only.
- Florida only.
- The borrower cannot perform any of the work.
- No minimum renovation loan amount.
- Total renovation costs must not exceed $35,000.
- Gift Funds are ok.
- 2 Year waiting period for prior Foreclosures & Short Sales.
- 620 minimum credit score.
- 6% Seller Credit towards buyers closing costs allowed.
Florida VA Eligible Renovation Improvements
- Eliminating health and safety hazards.
- Connecting to public water and sewerage systems.
- Repairing or replacing plumbing, heating, AC, and electrical systems.
- Repairing or installing new roofing, provided the structural integrity of the dwelling will not be impacted by the work being performed.
- Siding, gutters, and downspouts.
- Creating accessibility for persons with disabilities installing or repairing fences, walkways, and driveways.
- Installing a new refrigerator, cooktop, oven, dishwasher, built-in microwave oven and washer/dryer.
- Repairing or removing an in-ground swimming pool.
- Installing, replacing, or repairing exterior decks, patios, and porches.
Florida VA Ineligible Renovation & Rehab Improvements
- Structural Modifications.
- Repair or installation of wells.
- Repair or installation Septic Systems.
- Mold Remediation.
- Landscaping and site improvements.
- Repairs that prevent the borrower from occupying the property for more than 15 days during the renovation period.
- Adding a swimming pool.
- Repairs or improvements that require detailed plans, engineering, or architectural exhibits.
Time Period For VA Florida Renovation Work
- The work must begin within 30 days.
- The work must not cease prior to completion for more than 30 consecutive days.
- Renovation work cannot exceed 4 months.
Florida VA Renovation & Rehab Costs
- Total renovation costs may not exceed $35,000 which includes the contingency funds and all inspection fees.
- Contingency reserve are 20% of the sales price if renovation costs are between $0 – $15,000 & 15% if between $15,001 & $35,000.
- 3 inspection fees ($600)
- Permits (if required)
- Title Update Fee $100
Florida VA Renovation & Rehab General Contractor Requirements
- Must be registered with the VA.
- List of VA registered builders.
- Must provide a detailed estimate/bid itemizing all the repairs that are to be completed with the costs broken down of materials and labor, and note if permits are going to be required. Sample Contractor Bid
- No funds will be disbursed at closing.
- Subsequent draw amounts will be based on inspections and the percentage of work completed.
- Maximum of three draws to the contractor.
Eddie and the First Florida Financial team were nothing short of outstanding! This was, by far, the most straightforward, professional mortgage loan process we have ever experienced. Eddie has an…read more →
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