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Per VA website they have construction

Loans but lenders are difficult to find.What lenders do this by ssbaltzell580 from Jackson, South Carolina. Feb 20th 2015 Reply


Steven Ceceri (CreativeFinancingOptionsGroup)
#37 ranked lender in Massachusetts - 723 contributions

Good Morning. I am unsure if there are any lenders who can provide a VA Construction Loan, but here is a website I found that you may be able to review and make a phone call to find out more details. There is a lender who can do a Construction Loan with only 3.5% Down, using FHA U/W Guidelines, so if you want a referral, please email me offline. Thank you! http://www.veteranloancenter.com/handbook/va-construction-loan/

Feb 21st 2015
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

Even though VA allows it, there is a lot of risk in a construction loan and VA does not guarantee the loan until the home is completed. Usually the maximum possible is 90% financing for a construction loan (90% of the completed value of the home, or cost if that is lower). If Steven has an option by all means check it out but be prepared that the fees and other costs may be high and qualifications stiff. You may have better luck finding a contractor who will build you the home and sell it to you when completed using VA financing. Good luck!

Feb 23rd 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,041 contributions

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 requires.. it's these "Overlays" that make your loan scenario difficult to find.. If you think about it.. your asking a builder to build you a home with no money down and hope that in 9 months when the home is finished, that your situation has not changed and that you can qualify for a mortgage.. if you have good credit and have some cash, you can do a construction loan with a local lender and once the construction is complete, apply for a VA loan then.. 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

Feb 23rd 2015
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Matt Elston (Matt.Elston)
#5 ranked lender in South Carolina - 50 contributions

AgSouth offers construction loans in SC up to 95% financing. Call Matt Elston, AgSouth Mortgages, p. 803-327-1827, ext 2306

Mar 2nd 2015
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