Fix and Flip Loans in Virginia

Fix-and-flip loans in Virginia fund the purchase and renovation of investment homes that will be resold. Lenders review the deal, including the scope of work, rehab budget and estimated after-repair value, along with your experience and cash. Renovation money is usually paid out in draws after inspections. These short-term business loans cost more than permanent financing, so investors need a realistic schedule and a clear resale plan, plus cash set aside for overruns and holding costs while the work is underway.

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Virginia contractor licensing: Board for Contractors. DPOR's Board for Contractors licenses Virginia contractors, and DPOR's License Lookup lets you check a contractor's license. Lenders funding renovation work often ask for the contractor's license and bid.

Virginia transfer taxes: State recordation tax, including the additional tax paid by the grantor. Section 58.1-802 adds a tax on deeds that convey real property, payable by the grantor (seller); it sits on top of the general recordation tax under Chapter 8. Your Loan Estimate or closing statement lists what applies to your deal.

Where the numbers point in Virginia

Counties with the most homes built before 1960:

County	Homes built before 1960
the City of Covington	63.1%
the City of Martinsville	54.3%
the City of Emporia	53.3%
the City of Roanoke	53.0%
the City of Lexington	52.1%
the City of Richmond	51.2%
the City of Danville	47.9%
the City of Staunton	44.8%
the City of Norfolk	44.4%
the City of Franklin	43.1%

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Prefer to talk first? Call (888) 865-8230. Applying is not a loan approval or commitment to lend; programs vary by borrower, property and investor. ClearPoint Mortgage Advisors, NMLS #173855. Properties in FL, NY, NJ, PA, CT and VA only.

Fix and Flip Loans by city in Virginia

Common questions

Is a fix-and-flip loan a business loan?

Usually, yes. Financing to buy, renovate and resell an investment home is typically made for a business purpose, and many flippers take title through an LLC. Business-purpose rules and disclosures are not the same as those on a mortgage for your own residence, so have the loan officer spell out which ones you will receive. For entity questions, talk to a tax professional or attorney.

Do I need permits for a flip in Virginia?

Many renovations require permits, especially electrical, plumbing, structural and mechanical work. Requirements are set locally, so check with the city or county building department for the property. Lenders and buyers' appraisers may ask about permits, and unpermitted work can delay or derail a sale. Factor permit fees and review times into your budget and schedule.

What happens if my flip takes longer than planned?

If the home has not sold by the maturity date, you may need an extension, which usually comes with a fee, or you may face default. Holding costs also keep running. Ask about extension terms before closing, build a cushion into your schedule and keep cash reserves so a delay does not turn into a crisis.

Other investor loans in Virginia

DSCR loans DSCR requirements DSCR down payment Airbnb / STR loans Hard money lenders Hard money for a primary home Investor bridge loans Portfolio lenders Blanket mortgages Investment property loans HELOC on a rental Investor cash-out refi Second home loans Interest-only investor loans Private money lenders

Census ACS 2020-2024, table B25034