A standard VA loan needs the house to meet VA minimum property requirements at closing. Many Philadelphia rowhomes don't: peeling paint on a pre-1978 house, an old roof, a dead boiler, or a missing handrail. The VA renovation loan finances the purchase and the repairs together, based on the as-completed value, with no down payment within your entitlement and no monthly mortgage insurance.
What it covers
- Repairs needed to meet VA minimum property requirements
- Roofs, heating, electrical, plumbing, and windows
- Kitchens, baths, and updates that add value
- Accessibility and energy-efficiency improvements
Where it fits
Rowhomes and twins in South Philly, the Northeast, and West Philadelphia, and older singles in Delaware County and the Northeast suburbs. If the project is bigger than the VA program allows, compare the FHA 203k Standard and HomeStyle.