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- To buy a home, including townhouse or condominium unit in a VA-approved project.
- To build a home.
- To simultaneously purchase and improve a home.
- To improve a home by installing energy-related features such as solar or heating/cooling systems, water heaters,
insulation, weather-stripping/ caulking, storm windows/doors or other energy efficient improvements approved by the lender
and VA. These features may be added with the purchase of an existing dwelling or by refinancing a home owned and occupied
by the veteran. A loan can be increased up to $3,000 based on documented costs or up to $6,000 if the increase in the
mortgage payment is offset by the expected reduction in utility costs. A refinancing loan may not exceed 90 percent of
the appraised value plus the costs of the improvements. Check with a lender or VA for details.
- To refinance an existing home loan up to 90 percent of the VA-established reasonable value or to refinance an existing VA
loan to reduce the interest rate.
- To buy a manufactured home and/or lot.
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