Need a new roof, impact windows or a kitchen update? There isn’t a VA loan called a “home improvement loan,” but there are several good ways to pay for improvements, including ways to keep the low rate on your current VA loan.
Keep your low VA rate: borrow against your equity
If your VA loan has a rate well below today’s rates, refinancing it for cash would replace that rate on your whole balance. A second loan behind your mortgage leaves your VA loan untouched.
- HELOC (home equity line of credit): a line of credit you draw from as needed, paying interest only on what you use during the draw period. Fixed-rate options are available.
- Home equity loan: one lump sum at closing with a fixed rate and a fixed payment.
How much you can borrow depends on your home’s value, your equity and your credit. These are not VA loans: they’re second mortgages that sit behind your VA loan.
Or use your VA benefit
- VA cash-out refinance: replace your current mortgage with a new VA loan and take cash from your home’s equity. It can make sense when your current rate is close to today’s rates. Learn about the VA cash-out refinance.
- VA renovation loan: buy or refinance a home that needs work and include the repairs in the same VA loan. Learn about VA renovation loans.
Popular Florida home improvement projects
- Roof replacement
- Impact windows and doors, storm shutters and other hurricane-hardening upgrades
- Kitchen and bathroom remodels
- HVAC, electrical and plumbing upgrades
- Accessibility changes for Veterans with disabilities
Own a second home or rental property in Florida? HELOCs and home equity loans are also available on second homes and investment properties.
Florida has state taxes on new mortgages that affect closing costs. Your Loan Estimate shows every cost up front.
Talk to Shirley’s team
Shirley’s team can lay out each option side by side, including the combined cost of keeping your VA loan and adding a second loan, so you can see which costs less. Contact us for current rates: call 888-241-5657 or email [email protected].
Apply NowAll loans subject to credit approval and property eligibility. Not all applicants will qualify. Programs, terms, and availability vary by state and are subject to change without notice. Shirley Mueller, NMLS #336103. CrossCountry Mortgage, LLC. Equal Housing Opportunity.