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 | | VA-
Kinds Of Properties That Can Be Purchased By A VA Loan |
• To buy a home, including townhouse or condominium unit in a
VA-approved project.
• To build a home.
• To simultaneously purchase and improve a home.
• To improve a home by installing energy-related features such as solar
or heating/cooling systems, water heaters, insulation, weather
stripping/caulking, storm windows/doors or other energy efficient
improvements approved by the lender and VA. These features may be added
with the purchase of an existing dwelling or by refinancing a home owned
and occupied by the veteran. A loan can be increased up to $3,000 based
on documented costs or up to $6,000 if the increase in the mortgage
payment is offset by the expected reduction in utility costs. A
refinancing loan may not exceed 90 percent of the appraised value plus
the costs of the improvements. Check with your lender or VA for details.
To refinance an existing home loan up to 90% of the VA-established
reasonable value or to refinance an existing VA loan to reduce the
interest rate. To buy a manufactured home and/or lot
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