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VA construction loan

Are there construction loans available for VA? for 713 credit and 31% DTI? (wells fargo calculated). Not looking to build from the ground up but add balcony and possibly expand a room by janaesloan76w21883 from San Antonio, Texas. Nov 19th 2014 Reply


Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#28 ranked lender in New York - 2,236 contributions

Unfortunately VA does not offer Construction loans. You can however look into a 203K or homestyle renovation loan.

Nov 19th 2014
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Brad Cahoone (info@globalhomefinance.com)
#91 ranked lender in Texas - 1,041 contributions

Hello Janae and good afternoon. There are no VA construction loans and the FHA 203K or 203KS is one product. Another is the Homestyle renovation loan under Fannie Mae, a conventional product. These are 1st mortgage options. It may be in your best interest, cost and time wise, to do a home improvement 2nd mortgage. That is provided that you are only adding a balcony and expanding a room. Frost Bank, IBC, Cadence Bank, and Certified Funding should all be able to help you out with very little to no costs on this and get you the small amount you need. I don't do small stand alone seconds or I would help you. I am happy to help you with a FHA 203 K or 203KS. Let me know if I can help you with any other questions you may have. Brad Cahoone - 972-724-3222x227 - bcahoone@globalhomefinanceinc.com

Nov 19th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

What your looking to do is called a rehab loan.. and this product is not offered by VA, however there is the HomeStyle renovation loan that can do it.. and if your post renovation property valuation puts you below 80% loan to value, then there's no mortgage insurance, and the rate is only slightly higher than VA for well qualified borrowers. Even if you end up going with the HomeStyle Renovation loan and have to pay MI.. once the loan is complete, you can always refinance into VA after. 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

Nov 20th 2014
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