Va construction loan

I presume you are looking to get a VA construction loan? In doing VA loans I can say we have never had nor have a VA construction loan. There is such a thing as an FHA construction loan though very few lenders in the entire country perform them. We do FHA 203k rehabilitation loans which can often do extensive remodeling to make the house both inhabitable and more of a dream home, with low money down (3.5%). Also we have a conventional version with a 3% down payment. Otherwise, a conventional construction loan requires a minimum of 20% down. I know, in having had a VA loan myself, we ended up getting a little bit fixed simply because the lender required the items shown in need of repair on section 2 of the Pest report to be completed. Fortunately the sellers got them done with no delay. However, normally one only need be concerned with Section 1 issues on the required VA Pest inspection.

The approval process is a little different from an FHA or Conventional construction loan. The builder has to go through the VA approval process. Similar to the other types of construction loans, a borrower can't do any of the work in regards to the building or help in making the house ready for occupation.

VA does offer the VA construction loan, however VA does not lend money.. they only insure loans against default.. the lenders, or those with the $$$ will oftentimes add additional guidelines above what VA calls for.. it's these "Overlay's" that makes lending rules different, one lender to the other.. and for most.. they don't offer VA construction loans.. You could apply for a construction loan, and then when the home is complete, you can do a 100% cash out VA refinance. But to do this, you will need about 20% or more as down payment monies.. you get it back when the home is completed and you close on the mortgage, but you will need those funds upfront in order to qualify for the construction loan. Otherwise, you can continue your search.. but be advised.. your're looking for the "needle in the haystack" type loan.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

Yes, you can go VA with a construction loan. Most importantly, get with a knowledgeable, local lender, experienced with VA financing who you can sit down with at their office and discuss all of your needs regarding the construction process, VA etc. After truly understanding the VA loan process and requirements, you may opt for a different form of financing. Do not apply online, old school face to face dealings with this type of loan or any loan for that matter will payoff in the end for you. All the best, Scott.

Dear Towtruckesp474, Yes. We have access to the top VA Construction loan programs in the nation, at wholesale pricing. Why worry about re-qualifying or incurring additional costs? Designed for Manufactured, Modular, and Stick Built housing, this program offers an all-in-one financing option for construction, lot purchase, and permanent mortgage funding withone closing for qualified VA candidates. Because the permanent loan is closed before construction begins, there is no need to re-qualify, simplifying the construction and purchase process.ONE-TIME CLOSE - VA CONSTRUCTION-TO-PERMANENT LOAN. For Manufactured, Modular, and Stick Built properties: finance the construction, lot purchase, and permanent mortgage all with a single One-Time Close loan. No Re-Qualification.No Second Appraisal.FINANCING ELIGIBILITYo Available through FHA and VAo 620 minimum qualifying credit scoreo 15 and 30 year fixed rates availableo 1 Unit single family residences, double-wide and triple-wide manufactured homes and modular homes permittedProgram Summaryo Max LTV 96.5% through FHA or 100% LTV through VA (not including the funding fee)o No payments due from borrower during constructiono No re-qualification once construction is completeo Single closing reduces total costsVA ONE-TIME CLOSE ("OTC") PROGRAM:UW Method ? Desktop Underwriter (DU)Eligible Terms 15Yr. and 30Yr. FixedEligible Property Types ? 1 Unit Stick Built Housing - Primary ResidenceMaximum LTV 100% not including the VA Funding FeeMaximum DTI ? Approve/Eligible - Follow AUSMaximum Loan Amount VA County LimitFICO ? Minimum Qualifying Credit Scores for all qualifying borrowers o 620-659: A minimum of 2 qualifying credit scores are required for all qualifying o 660+: A minimum of 1 qualifying credit score is required for all required o Lowest representative score from all borrowers will be used for qualification? Loan Prospector (LP)? New Manufactured Housing - Primary Residence o Multiwide only; singlewide units not permitted? Modular Homes - Primary Residence? DTI - Refer/Manual - 31/43%CONTACT ME TODAY TO LEARN MORE!Thank you, Dan Palermobroker / ownerSterling Mortgage Services(916)864-2150

FHA has a "BOOL"(build on own land) program, which is a 203k(b) loan program used to finance the construction of a dwelling on land already owned by the borrower for greater than 6 months.This loan can be used for stick built or manufactured. Down payment is 3.5%.** FHA qualifying underwriting guidelines apply

FHA has a "BOOL" 203b program, which stands for Build on own land. You must have owned the land for at least 6 month. This program can be used for manufactured or Stick built.

VA came out with a true construction loan a few years back. But VA doesn't lend money, lenders do. VA only insures a portion of the loan for a lender. Because of the risk on construction loans, I do NOT know of any VA lenders (including us) who offer a true VA construction loan. Typically you need to get a separate construction loan, and then you can use the VA loan when the construction is done to pay off the construction loan.