FORT MILL, S.C. — Movement Mortgage, a national top 10 retail mortgage lender, has launched a new mortgage product designed to help more U.S. military veterans purchase and renovate their homes.
The VA Renovation Loan, offered in partnership with the Department of Veterans Affairs, is designed to help veterans purchase and renovate a new home or make necessary repairs through the refinance of an existing home. Borrowers may access up to $35,000 in funds to complete repairs and renovations, plus the benefits of a traditional VA loan, such as 100% financing. Features and benefits of the program include the following:
- Up to $35,000 in repairs or renovations
- Finance up to 100% of the as-completed value of the home
- Can be used for purchase or refinance
- Primary residence only
- 620 minimum credit score
The VA Renovation loan provides for both the purchase price and renovations costs to be included in one loan. It also includes standard VA loan benefits for qualified borrowers, such as 100% financing without requiring mortgage insurance*, reduced or no lender fees**, and property tax reductions in some states.
“It is a privilege to come alongside our military veterans and expand their options for a home purchase or renovation,” Movement Mortgage CEO Casey Crawford says. “With many homebuyers facing incredibly tight inventories, this gives our veterans more options, and our loan officers more tools to serve them, as they pursue the dream of homeownership.”
The VA Renovation Loan is offered by Movement Mortgage nationwide, effective immediately. To find a loan officer near you, visit https://movement.com/search/.
*In addition to the eligibility criteria outlined in the presentation that all eligible Veterans and Reservists must meet all VA income, asset, and property requirements. For loan amounts exceeding $453,100 (or $679,650 for properties located in AK or HI), the amount of the VA entitlement or the entitlement plus the down payment must equal 25% of the property’s reasonable value.
**Other VA-permissible fees may apply.
About Movement Mortgage
Movement Mortgage exists to love and value people by leading a Movement of Change in its industry, corporate culture and communities. Movement funded approximately $13 billion in residential mortgages in 2017 and is the seventh-largest retail mortgage lender in the U.S. Movement is best known for its innovative mortgage process and referable experience, which begins with Upfront Underwriting and a seven-day loan processing goal. The company employs more than 4,000 people, has more than 750 branches in the U.S. and is licensed in 49 states. Its nonprofit organization, the Movement Foundation, has reinvested more than $37 million in communities to date. For more information, visit www.movement.com.