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To buy a home, including
townhouse or condominium unit in a VA-approved project.
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To build a home.
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To simultaneously purchase
and improve a home.
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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.
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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.
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To buy a manufactured
home and/or lot.
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