A new VA mortgage product has been launched by Guaranteed Rate to help veterans purchase and renovate homes.
With the aim of helping veterans purchase more affordable homes, the VA Renovation Loan enables them to borrow up to 100% of the purchase price and up to $35,000 for improvements with up to four months to complete renovations.
Eligible upgrades include basement remodeling, interior and exterior painting, driveway resurfacing, window, door, siding and roof replacements and other cosmetic improvements.
"Our goal is to provide more homebuying options for veterans, especially those looking to purchase in low-inventory areas," said Guaranteed Rate Renovation Leader, Tom Shelar. "These loans provide a way to purchase and more affordably create the homes of their dreams."
Guaranteed Rate has recently celebrated a milestone by breaking its records for the highest total locked volume and total funded volume ever.
Over the course of May, the Company broke its record of total locked volume with $4.39 billion earned across more than 13,000 units, surpassing the previous record set in April 2019 of $3.94 billion, making this the Company's best three months since inception.
Additionally, the Company reached nearly $3.17 billion in total funded volume over 9,000 units, eclipsing the previous record of $2.72 billion.
The Company also reached $3.19 billion in total locked purchase volume setting an additional company all-time high.
We achieved seven amazing milestones in May," said Guaranteed Rate Founder and CEO Victor Ciardelli. "Over the last several years we have spent an incredible amount of time and effort in building the best platform in the country for consumers to obtain a mortgage. I think the incredible numbers you saw in May reflect our continued success in becoming the go-to lender in the minds of consumers."
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