VA Loan on Home that needs Renovations

[Alycat]

Hi! My husband and I are looking to buy our first home with a VA Home Loan. The one we are interested in needs a bunch of work, but we know it will be perfect once completed. Can we get a VA home loan to cover the cost of the home and the renovations? We are buying in Quincy, MA. I don't know anything about this or renovating, but I'm pretty handy with tools... Sort of hard though with our young daughter running around! Any help is appreciated!

[Semper Fi Mac!!!!]

Alycat,
Unfortunately, Va home loans are hands down the most costly for you. Checkout the DaveRamsey.com website to find an endorsed local real estate provider (ELP) to educate you regarding your options. ELP's have the heart of a teacher and will not intimidate you. If you're not debt free then you should consider waiting until you are. This home will be a nightmare if you're broke. Hope this helps you.
Kevin

[Alycat]

Why would it be the most costly? No PMI, and lower interest rates don't equal less costly?

[Angela Caban USAA]

Hi Alycat,

I am not a loan expert, so I would recommend you give our bank a call at: 1-800-531-8722 . They will be able to answer any questions you have in regards to the VA loan and any other options available to you. Best of luck to you, and great to see other members chime in with advice!