Plaza Home Mortgage, Inc., a national wholesale and correspondent lender, recently launched a VA Renovation Loan Program designed to will help veterans buy and renovate homes. Doing so has become increasingly popular, given the high home costs and low inventory of the current housing market.
The program is available through Plaza Home Mortgage’s National Correspondent and Wholesale channels, according to a press release. It allows qualified borrowers to purchase a home with no down payment requirement, and finance up to $50,000 in improvements all in one loan.
The program also can be used for refinancing up to 100 percent of the after-improved value of the home. The VA Renovation Loan Program tends to be more affordable than alternative financing.
“In many parts of the country, veterans are facing the dual challenges of rising home prices and limited inventory when they are shopping for a home,” Plaza Home Mortgage’s Senior Vice President of national Wholesale Production Jeff Leinan said in the release. “This innovative program gives these borrowers the flexibility of buying less expensive homes that may need work, and financing the purchase and the upgrades in one affordable loan.”