Change Date

September 15, 2004, Change 4

·   This section has been changed to create subsection lettering.

·   Subsection c has been changed to delete references to “CRV.”

a. Description

VA may guarantee a loan for alteration and repair

·   of a residence already owned by the veteran and occupied as a home, or

·   made in conjunction with a purchase loan on the property.

The alterations and repairs must be those ordinarily found on similar property of comparable value in the community.

b. Value Considerations

The cost of alterations and repairs to structures may be included in a loan for the purchase of improved property to the extent that their value supports the loan amount.