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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 percentof 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. |
