VA Construction Loan
Veterans can use their VA home loan benefit to obtain a VA Construction Loan also known as a VA one-time close. This loan program allows you to build your custom home to your liking and use the builder of your choice. This loan program carries all the same benefits as a VA home loan. There is no down payment, no mortgage insurance and credit guidelines are flexible.
If you currently own land you are now able to start planning your construction using your VA home loan benefit. If you have a loan on your land, this construction loan will pay off your land loan and roll into one VA home loan once the home is built and ready to move into.
If you do not own your land then you can use the VA construction loan to purchase your land and finance the cost of construction all in one loan.
The VA construction loan process will take 45-60 days to process, underwrite and close. A VA appraisal will be done using the builder’s plans and specs, builder’s contract and budget.
The VA construction loan can be used to finance a single wide home, mobile home, modular home, barndominium, and log cabins.
Contact us to learn more about this program and one of our VA loan specialist will contact you to give you more information.
The first step to getting a VA construction loan is filling out an application so you can see how much you qualify to purchase the land and to build the home. You will want to contact us so we can explain the process, send you an application and then allow us to review your income, credit and all so we can calcualte how much you would qualify for.
After you have this information, you would then research land cost where you want to build, interview builders and ensure you are able to do everything you want to do within your budget.
After you select your builder and your land (if you don’t own it already), you then would submit this information to our construction team for approval.
