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Do any lenders offer VA construction loans?

by hailyj603 from Cathlamet, Washington. Sep 18th 2017 Reply


Kerry Greenwald (kerry@creeksidem.com)
#99 ranked lender in Washington - 17 contributions

Haily, good morning, we are a Mortgage Broker and can answer your questions about VA Loans and how they work with Construction Loans. Call us at 360.571.5626

Sep 18th 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

The short answer is Yes.. but good luck finding one.. a VA construction loan is near impossible to find.. not impossible, but near impossible.. This is one of the most risky types of loans there are.. you basically asking a lender to pay 100% of the lot and construction costs, with the hopes that you still qualify 9 months to a year later when the home is completed.. I know VA offers this, but VA does not lend money.. they only insure loans against default.. the lenders, or those with the $$$ will oftentimes have their own rules above what VA calls for.. it's these "Overlay's" that make lending rules different, one lender to the other.. and for 99+%, they don't like VA construction loans. Now, if you already own a free and clear lot, then you can always go to your local bank and apply for a construction loan.. your paid for lot should meet the minimum contribution required for most construction loan programs.. once the home is complete, you can use your VA benefits then for a mortgage. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Sep 18th 2017
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

A VA Construction loan is like a white unicorn. Said to exist, but no one can find one. 100% construction financing is just too much risk. Talk to a VA lender in your area for more information, but expect to need at least a 10% down payment. For VA loans in MN, WI, and SD, visit me at www.VAMortgageMN.com

Sep 18th 2017
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David Ortega (DavidOrtega)
#55 ranked lender in Minnesota - 225 contributions

We have the product but, unfortunately are only currently licensed in Colorado, Florida, Minnesota and Texas. Great product. 100% financing and the whole works.

Sep 18th 2017
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