Forgotten Your Password?

Need to Register?

Question Icon

I would like to inquire about VA new construction home loans.

by Leahd12 from Manchester Center, Vermont. Mar 11th 2016 Reply


Jesse Stroup (jessestroup)
#193 ranked lender in California - 589 contributions

Is the home already built? If so you can use your VA to finance up to 100% financing. Call a local mortgage banker or broker for more loan information. Jesse Stroup | Mortgage Banker | California NMLS# 6229 | 510-704-3445

Mar 11th 2016
1
0

No we would like to build using a VA loan

Mar 11th 2016
1
0
Lorne Harvey (lorneharvey)
#1 ranked lender in Washington - 418 contributions

I think the key is to find a builder who will draft up a contract with you, and pay them off with the VA loan. I am unaware of any VA type construction loans. In other words, use someone else's money to get the home built and have the VA loan as the final take out loan.

Mar 11th 2016
1
0
William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,802 contributions

Although VA does allow for construction loans, it's incredibly difficult to find a lender willing to do one.. This is because in the 6 months to a year while the home is being built, if the market goes down, you're probably not going to buy the house, but the lender has already paid the funds out.. its very risky, and for that reason, most lenders wont mess with it.. I'm not saying it's impossible to find, but it will be nearly impossible. If you already own the lot, or if you have cash to purchase a lot, you can always get a construction loan, and upon completion, do a VA loan then and pull the cash out at the same time. 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

Mar 11th 2016
1
0
Subscribe to our news feed.