Home Improvement Loans

Veterans, you can borrow up to 90% of your home equity for home improvments. The $25,000 cap has been removed from the Home Improvement Loan Program.

• Applicants must meet basic credit and underwriting standards.
   
• Most loans must be secured by a mortgage on the applicant’s property.
   
• Loans of $3,000 or less may be secured with a guarantor instead of a mortgage.
   
• Applicant must have at least 10% equity remaining in the property to be improved.
  (This means the value of the property is at least 10% higher than the total of the existing mortgages including the HILP. Up to 50% of the improvement may be considered as increased value.)
  
  To determine the minimum value needed, add all existing mortgages plus the proposed HILP loan and divide by 0.9.
  
  To determine the value of the property, WDVA uses the equalized assessed or fair market value, as shown on the property tax statement. The applicant may choose to submit a recent real estate appraisal by a licensed professional. Up to ½ of the home improvement costs can be included if work estimates are provided.

• Applicants may have more than one Home Improvement Loan, or both a Primary Mortgage Loan and Home Improvement Loan if they meet underwriting standards.

Eligibility

• Veterans must meet military service and state residency requirements set by the State Legislature.

• Members and former members of the National Guard and Reserve who have completed 6 years of continuous service under honorable conditions.

• Spouses of deceased veterans, who have not remarried, may also qualify.

• Dependent children may qualify (adult children must be under 26 years old and attending school full time).

• A remarried spouse or parent of a veteran’s child may qualify if the loan is used for the child’s education.

To apply for or obtain more information about benefits, contact your local CVSO.