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How to Apply | Requirements | Eligibility | Estatus | Payment Calculator
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Explore the BENEFITS
of a WDVA Home
Improvement Loan!
 Increase the equity, value and comfort of your home by making improvements.
Fixed interest rates that will NEVER increase starting as low as 5.85% and terms of up to 15 years.
Borrow up to 90% of your home's equity.
Qualified applicants may apply for more than one HILP loan.
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CAP LIFTED FOR HOME IMPROVEMENT LOANS — Veterans, you can borrow up to 90% of your home equity for home improvements. The $25,000 cap has been removed from the Home Improvement Loan Program.
The Home Improvement Loan Program (HILP) may be used for:
- Additions, garage construction, repairs, and remodeling (i.e., replace a roof, install new windows, a new furnace, or a central air conditioning system) of a veteran’s residence.
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Low Monthly Payments!
Mortgage Secured 80% Loan to Value |
Loan Amount |
Term |
Rate |
Monthly Payment |
$50,000 |
5 Years
7 Years
10 Years
15 Years |
5.85%
6.25%
6.25%
6.55% |
$964
$737
$562
$437 |
Mortgage Secured 90% Loan to Value |
Loan Amount |
Term |
Rate |
Monthly Payment |
$25,000 |
5 Years
7 Years
10 Years
15 Years |
6.75%
7.00%
7.00%
7.25% |
$493
$378
$291
$229 |
Guarantor Secured |
Loan Amount |
Term |
Rate |
Monthly Payment |
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$3,000
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3 Years
5 Years |
8.50%
10.00% |
$95
$64 |
Rates effective February 21, 2008 |
What Would My Monthly Payment Be?
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Enter the loan amount, interest rate and loan term in years, and click Calculate Payment. This is only an ESTIMATE. The actual monthly payment for a loan is calculated when a loan is approved and may vary from the payment shown on the calculator.
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Requirements
- Applicants must meet basic credit and underwriting standards.
- A credit report is required to process your loan application. Applicants or guarantors who have a credit report freeze in effect must allow WDVA access to their report.
- Most loans must be secured by a mortgage on the applicant’s property.
- Loans of $3,000 or less may be secured with a guarantor instead of a mortgage.
- Applicant must have at least 10% equity remaining in the property to be improved.
(This means the value of the property is at least 10% higher than the total of the existing mortgages including the HILP. Up to 50% of the improvement may be considered as increased value.)
To determine the minimum value needed, add all existing mortgages plus the proposed HILP loan and divide by 0.9.
To determine the value of the property, WDVA uses the equalized assessed or fair market value, as shown on the property tax statement. The applicant may choose to submit a recent real estate appraisal by a licensed professional. Up to 50% of the home improvement costs can be included if work estimates are provided.
- Applicants may have more than one Home Improvement Loan, or both a Primary Mortgage Loan and Home Improvement Loan if they meet underwriting standards.
Eligibility
- Veterans must meet military service and state residency requirements set by the State Legislature.
- Members and former members of the National Guard and Reserve who have completed 6 years of continuous service under honorable conditions.
- Spouses of deceased veterans, who have not remarried, may also qualify.
- Dependent children may qualify (adult children must be under 26 years old and attending school full time).
- A remarried spouse or parent of a veteran’s child may qualify if the loan is used for the child’s education.
How to Apply
There are three ways to apply:
- If you have established eligibility, apply online.
- Go to your County Veterans Service Officer.
- Download an application (Adobe PDF) from our website and mail it along with the required supporting documents to WDVA.
*There are no filing fees although the applicant may have to pay for some incidental expenses, such as title
report, and recording fees when a mortgage is used as security.
For More Information
For loan-specific questions, call 1-800-WIS-VETS (947-8387), or email the Loan Section. For eligibility and application process questions, contact your County Veterans Service Officer. Existing borrowers can access account information online through eStatus.
The information above regarding WDVA loans is not all-inclusive and may change without notice.
WARNING: The WDVA receives a statewide support lien docket listing all individuals who have a delinquent child-support obligation in Wisconsin. According to state law, the WDVA may not approve a Primary Mortgage Loan or a Home Improvement Loan for any applicant on the docket unless the applicant provides one of the following items:
- Provides a statement signed by the Wisconsin Department of Children and Families or its designee showing that all delinquent obligations have been paid.
- A copy of a child-support repayment agreement that has been kept current for the six month period before the date the WDVA receives the application as long as no lien exists.
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