Can anyone recommend a lender for a VA Supplemental Loan?

SMSgt Elizabeth Banks — Tue, 21 Jun 2022 14:36:19 -0400

Does anyone know a lender or loan officer who still offers VA Supplemental loans? Is this option still available? I have a VA loan and want to renovate.

Response by MSgt Private RallyPoint Member made Jun 21 at 2022 4:51 PM

MSgt Private RallyPoint Member — Tue, 21 Jun 2022 16:51:11 -0400

Have you tried your current lender? I’m assuming you already have a VA loan. You could request that the lender roll the supplemental loan balance into your existing VA loan.

Response by CAPT Kevin B. made Jun 22 at 2022 2:44 PM

CAPT Kevin B. — Wed, 22 Jun 2022 14:44:21 -0400

There is the criteria from VA, but again there is reality. The VA simply guarantees loans up to 100% of appraised value (actually the difference between 80-100%). You'd have to see sufficient equity to create room for the supplemental. Then lenders will do their analysis and then price based on what they think the increased risk is. I remember looking at that in 2012. It was cheaper to get a regular home improvement loan from NFCU (MIL Credit Union). They were quite adamant about charging more because of all the BS that comes with having to deal with VA. I got $80K and then had it paid off when we sold the house two years later. You'll likely need a current appraisal before you can talk turkey with the lenders. Also, there is no roll into existing out there. New money is always attached to the interest rate of the moment. Look to see if you can refi your VA to conventional for a greater amount that includes the remodel. That presumes the total is not higher than 80% of value. This would likely be a no brainer the past few years, but with mortgage rates going up, the best you may do will be to hold tight on what you have. BTW, VA loans always are a couple points higher than conventional because of the BS I mentioned earlier.

Response by SP5 Private RallyPoint Member made Jun 22 at 2022 6:15 PM

SP5 Private RallyPoint Member — Wed, 22 Jun 2022 18:15:29 -0400

SMSgt Elizabeth Banks Plan B - get a home improvement loan through credit union sources at current rates and protect your 2.8 pct VA loan. Probably much cheaper in the long run than refinancing the entire property at current rates, even if the reno loan is a little higher. Just my 2 cents - not worth much in the current inflationaoy environment.

Response by SGT Kenneth Munson made Nov 2 at 2023 9:32 AM

SGT Kenneth Munson — Thu, 02 Nov 2023 09:32:20 -0400

I'd suggest starting with the bank where you got your original VA loan, as they're already familiar with your history. If they don't offer it, check with other local or national banks, and don't forget credit unions — sometimes they have great options, too.

In my case, I needed quick funds to cover some short-term expenses before the loan came through. That's when I used https://apps.apple.com/us/app/payday-loans-bad-credit-app/id [login to see] for payday loans. It's super quick, and I didn't have to wait days for loan approval. Might be useful for you too.

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