All Information is subject to change without notice.




"Thomas went above and beyond to get our mortgage approved. We had a couple of "hiccups" with our VA financing and Thomas was able to get them resolved ... more "
by lbaze2008
"I was hesitant to utilize someone from the internet to obtain my home loan. I even let my real estate agent talk me into going with someone local ... more "
by rmac333
"Thomas martin was a great help with our mortgage . it was a stressful time in our life , but Thomas remained calm through out the whole process which ... more "
by zuser20140303145114251
















Apply Now!

Florida VA Renovation Mortgage Lenders Purchase or Refinance

Florida VA Mortgage Lenders For Primary Residence

Purchase/Refinance Florida VA Mortgage Lenders


Property Type


Loan Amount

Credit Score





1-4 Units






What is a VA Renovation Loan?

The Florida VA Renovation loan, valid for purchases or VA mortgage refinances, allows VA-qualified The Florida VA mortgage Renovation loan, valid for purchases or refinances, allows VA-qualified Florida va mortgage applicants to easily fund the cost of a purchase or re-fi and include the costs of renovations, up to $50,000, into a single loan. 

 • Maybe a more affordable option compared to adding a second mortgage or HELOC.

• Both Purchases and Refinances allow Florida va mortgage applicants to borrow up to 100% of the “after improved” value.

Key Advantages of US Mortgage Lenders VA Renovation Loan

Up to $50,000 in additional financing toward renovation costs is included in Up to $50,000 in additional financing toward renovation costs is included in the VA financing.

 • Allows luxury improvements (pools, outdoor living).

• Both purchases and refinances allow Florida va mortgage applicants to borrow up to 100% of the “after improved” value. 

• Like typical VA loans, after the loan closes it will be purchased by Plaza. The renovation portion of the loan will begin after the loan is purchased and be serviced by Plaza. 

• Our seasoned Renovation team are experts in this field and know the “ins and outs” of renovation loans.

 100%  Financing 100%  Financing  No MI

How to VA Mortgage Lenders Calculate Loan Amount
Florida VA Renovation Loan-to-Value is based on: Loan-to-Value is based on:

• Purchase: is the lesser of the sales price plus repairs OR the “as completed” NOV appraised value• Refinance: 100% of “as completed” NOV appraised value• Base loan amount cannot exceed 100% LTV/CLTV

Let’s look at a Purchase example:

LTV 100% LTV 100%  Let’s look at a Purchase example: Purchase/Renovation Costs• Sales Price $220,000.00 

• Labor/Materials     30,900.00

 • Soft Costs (permits, etc.)          524.00

 • 10% Contingency        3,090.00 

*Inspection fees (max 3 draws)           450.00      Total $254,964.00

“As Completed” NOV appraised value          280,000.00

100% of “As Completed” NOV appraised value 280,000.00 

$254,964  < 280,000 

Maximum Loan Amount $254,964.00


Florida VA Mortgage Lenders Eligible Properties

 Attached/Detached SFRs and

 Attached/Detached SFRs andPUDs 

 VA approved Condos – interior unit upgrades only  

 2-4 Units Owner Occupied Only

Florida VA Mortgage Lenders Ineligible Properties

  x Mixed-use properties in commercial zoning x Non-VA approved or warrantable condos x Time sharesx Working farms, ranches, orchards  x Commercial properties x Cooperatives Condotels x Properties listed on the National Historic Registers Geothermal homes  x Manufactured housing or mobile homes x Homes that have been completely demolished, including the foundation x Homes being moved from one location to another Refinance transactions for properties listed for sale on or after the date of application

Florida VA Mortgage Lenders For Primary Residence Draw Process:

 No more than three draws are allowed.

 Funds will be made available via a two-party check payable to the Florida va mortgage applicants and contractor.

 US Mortgage Lenders should release monies within 5 business days of receipt of a properly executed VA RENO DRAW REQUEST.

 Upon completion of a stage of work, the contractor will complete and submit a Draw Request to US Mortgage Lenders.

 US Mortgage Lenders will order project inspections for all draw requests.

 In addition to US Mortgage Lenders ordered inspections, any inspections required by local authorities or to obtain sign off on permits will be ordered by the contractor and copies of such inspections must accompany draw requests.

 A holdback of 10% will be applied to all intermediate draws.

 Title must be cleared before the final draw.

 After the loan is set up in the servicing system the Florida va mortgage applicants will receive a “Welcome” package that will explain how the disbursement works and will provide them with contact information.

  1. The maximum LTV is the lesser of the amount listed in this table or that which is required to obtain a 25% Guaranty. The LTV allowed may be lower in cases where the veteran does not have full entitlement or where the loan amount exceeds the VA County Loan Limit. For more information on loan Guaranty limits refer to the VA Loan Limit information webpage and VA Loan Guaranty section of the Program Guidelines.
  2. The maximum VA Renovation Jumbo loan amount is the maximum allowed per the Federal Housing Finance Agency’s Loan Limits based on the property location and referencing only the One-Unit Limit column in the FHFA Table. Note, not all property locations are eligible for VA Renovation Jumbo loan amounts.

VA Renovation  Draw Disbursement Guide

Florida VA Renovation mortgage lenders make the draw process as clear and straightforward as possible to successfully complete your
VA improvement project within four (4) months of your closing. Remember, these are your funds and we are here to help
manage the use of the funds in your repair escrow account to complete the project as planned.
You are responsible to manage your project on site. You should have regular communication with your contractor to
keep them on schedule and on task with your project. You will be required to approve all draw requests so you should be
prepared to confirm the work on the draw request is completed to your satisfaction. The inspector will not judge the
quality of work, but only confirm the work is completed per the project plans and specs and will point out only obvious
technical deficiencies related to building codes or health and safety issues. Being present when the inspector arrives is

Florida VA Mortgage Product Parameters


·      A full VA Appraisal and Notice of Value (NOV) is required on all loans. The appraisal should be completed considering the as-completed value.

·      A finalized copy of the bid/cost estimate must be included with the appraisal.

·      VA will set the fees for the appraisal and final inspection 1004D. Refer to the VA Appraisal Fee Schedule and Timeliness Requirements at https://www.benefits.va.gov/HOMELOANS/appraiser_fee_schedule.asp.

·      Transferred Appraisals:  Per VA Guidelines

Underwriting Method

DU or LPA Approval. DU or LPA Refer/Eligible may be manually underwritten if:

·      The loan meets all published loan program guidelines, and

·      The underwriter’s evaluation has determined the loan is an investment quality mortgage, and

·      The loan file contains documentation to support the underwriting decision.


Purchase and Refinance (non-IRRRL)


·      To rehabilitate an existing structure and to refinance the outstanding indebtedness.

·      Cash-out to the Florida va mortgage applicants at closing is not allowed.

o  Incidental cash-out at closing not to exceed the lesser of 1% of the loan amount or $2,000 is allowed.

o  At the completion of renovation any unused contingency reserve may be returned to the Florida va mortgage applicants or applied to the principal balance at the Florida va mortgage applicants’s discretion.

Texas (a)(6) loans:  Not eligible


Owner-occupied primary residences only.

Loan Limits

Maximum Base Loan Amount



The contiguous U.S.

Alaska & Hawaii









1   Refer to FHFA’s website for specific counties and states eligible for higher loan limits.

Eligible Florida va mortgage applicantss

The Florida va mortgage applicants must be an eligible Veteran.

Eligible Properties

·      Attached/detached SFRs

·      Attached/detached PUDs

·      VA approved Condos

·      2-4 Units


·      1-Unit: No reserves are required unless the Florida VA Mortgage Lenders Florida va mortgage applicants is retaining their prior residence

·      2-4 Units & rental income IS NOT USED to qualify: No reserves are required.

·      2-4 Units & rental income IS USED to qualify: 6 months PITIA reserves required.

·      Additional rental properties owned: 3 months PITIA required for each additional property.


The note date of the refinance loan must be on or after the later of:

·      The date that is 210 days after the date on which the first monthly payment was made on the mortgage being refinanced, and

·      The date on which six (6) full monthly payments have been made on the mortgage being refinanced.

Certificate of Eligibility

Certificate of Eligibility (COE) is required.

Eligible Improvements

All alterations and repairs must be permanently affixed to the property (dwelling or land) and be ordinarily found on similar properties of comparable value in the community.

·      Project must be complete with the final inspection on appraisal form 1004D no later than 4 months (120 days) from the note date.

·      The maximum renovation amount, including fees and contingency, must not exceed $50,000.  There is no minimum dollar amount for the repairs.

·      Generally repairs should be non-structural although minor structural repairs are allowed.

o  Any work that requires structural engineering reports or architectural specs is not allowed.

o  If any structural work is included, building/construction jurisdictional evidence that the project does not require engineer reports or architectural specs must be provided. e.g. local code pertaining to the type of structural repair, permits and/or other written verification from the jurisdiction. ( state, city, municipality or county)

o  Minor structural repairs must be those that can reasonably be expected to be completed within the 120 day time frame.

o  If structural repairs are included, the contractor’s bid must include a statement addressing the fact that all structural repairs do not require engineering or architecture reports to obtain permits or meet local building codes and that such work will be completed within 4 months (120 days).

Maximum Cost of Improvements

Maximum amount of improvements is $50,000 including fees, contingency and all allowable construction related costs.


Self-help is not allowed.


·      Maximum three (3) draws:

o  Two (interim) draws

o  Final 1004D repair inspection from a VA appraiser

·      The full amount is funded at closing. All draws are handled through loan servicing.

Contingency Reserve

10-15% contingency fund will be withheld as part of the rehabilitation total and may be financed.

HUD Consultant

A HUD Consultant is not required.

A HUD Consultant work write up (WWU) is allowable for the benefit of the Florida va mortgage applicants. However, the cost may not be included in the financed cost of repairs.

Please note:
 No money may be disbursed up front for deposits.
 All permits required for the project(s) must be submitted at time of first draw.
 Each draw will have a 10% holdback. Once all work is complete these funds will be released with the final
 Draws requests will not be paid out until a completed inspection, draw request and lien waiver have
been provided
 The final draw request must include an inspection by a VA Appraiser and a Lenders Notice of
Completion signed by the Florida va mortgage applicantss and contractor.
 A final title update will be performed and final payments will be paid and the repair escrow will be
closed out.

VA Renovation Mortgage Lenders Questions And Answers

Who is the Construction Inspector and what is their role?
A Construction Inspector is a fully vetted inspector who will complete inspections as ordered by US Mortgage Lenders.
 What items are needed in the scope of work/bid?
US Mortgage Lenders requires the following information to be provided on either the Contractor’s letterhead or US Mortgage Lenders’s provided
 The Contractor’s name and contact information including address and licenses number.
 The Florida va mortgage applicants(s) name and contact information.
 The property address where the work will be performed .
 A breakdown of each portion of the work to be completed including the location(s) of the repair (e.g. kitchen,
hall bath, left side of the house), the quality and quantity of materials, as well as a labor and materials cost.
Permits (type and description of permits) must also be included. see attached bid sample.
Bids must be submitted provided on Contractor letterhead or the attached Contractor’s Specifications of Bids/Repairs
 Is there a maximum renovation amount?
Yes. Repairs are capped at $50,000 total. This $50,000 must include the construction fees related to the
loan as well as a 10-15% contingency. A rough estimate of max available for actual repairs is approximately

When do I start the work and how will I know when I can start?
The renovation work must start within 30 days after the loan closes and must not stop for more than 15
days. The Florida va mortgage applicants will contact you once the loan has closed. Please do not begin work prior to notification
from the Florida va mortgage applicantss and until after the loan has closed.
 When must the work be completed?
All work must be finalized and completed within four months, 120 days of the closing date.
 May the budget be changed after the loan is closed?
No. The budget many not be substantially changed once the loan is closed. The lender has relied on the budget
to determine the loan amount and value of the home. If the budget is increased, the contractor cannot be
assured that money is available to pay for the increase and if it is decreased the lender cannot be assured that
the collateral value will be maintained.
 Can we make changes during the construction?
Any and all changes to the project must be approved by US Mortgage Lenders servicing prior to changes taking place. A VA
Renovation Change Order must be submitted and approved by US Mortgage Lenders prior to changes taking place.
 How do I become approved for the project?
The following items must be provided for project approval :
 The scope of work/bid
 VA Contractor License please see https://www.benefits.va.gov/homeloans/appraiser_cv_builder_info.asp
 Bond
 Insurance (minimum requirement of $1 million provided on a certificate of liability)
 W-9 current year (attached)
 Profile Report with 3 references within the last year, similar jobs in nature, scope and size (attached)
 Signed Home Owner-Contractor agreement (attached)
Please note:
US Mortgage Lenders follows local state issuing authority.
US Mortgage Lenders verifies the provided information with issuing authority.
Should the contractor’s license or insurance expire during the renovation process US Mortgage Lenders will require a
renewal certificate prior to funding any additional draws.

Please also refer to the VA Renovation Homeowner Contractor agreement as this will provide detailed information
as to the responsibilities of the contractor. US Mortgage Lenders is committed to providing the tools and information you need to
efficiently complete this VA Renovation funded project.


Apply Now



"Thomas went above and beyond to get our mortgage approved. We had a couple of "hiccups" with our VA financing and Thomas was able to get them resolved ... more "
by lbaze2008
"I was hesitant to utilize someone from the internet to obtain my home loan. I even let my real estate agent talk me into going with someone local ... more "
by rmac333
"Thomas martin was a great help with our mortgage . it was a stressful time in our life , but Thomas remained calm through out the whole process which ... more "
by zuser20140303145114251












Apply Now!

All Information Subject To Change Without Notice and should not be relied on for decision making.