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Will the VA lend on new construction of a second home?

by Jeffng_720_237 from Beaverton, Oregon. Mar 25th 2013 Reply


Benjamin Bote (Benjamin)
#806 ranked lender in California - 20 contributions

Primary residence only. You could convert your existing to a second home and purchase the new one as primary if you would move into the new home. That's the only way I know.You would also need to income qualify with both payments.

Mar 25th 2013
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Peter Savino (855411LEND)
#101 ranked lender in New Jersey - 332 contributions

No they will not,

Mar 25th 2013
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Jeffrey Hendrickson (jphendrickson)
#79 ranked lender in Washington - 1 contribution

If the new home will be your primary residence, then yes it can be done. You'll need to be able to afford both mortgages or have plans to sell the home you're now in before moving forward with the financing. I have been through the the process multiple times, both as a lender and as a veteran building my own home. Happy to help if you want to give me a call or shoot me an email. Regards.

Mar 25th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Not on second home.

Mar 25th 2013
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,815 contributions

People, people, people. VA and FHA are ONLY for the borrower's PRIMARY residence. The do not make new loans for a rental, vacation, second home, Kiddy Condo, or any other type of occupancy. You must move into it as your primary residence. Secondly, VA does not make ANY construction loans. If you want to build a home to live in and have a VA loan, you must first arrange for the construction financing and once the home is complete and you are ready to move in, VA will provide the permanent financing to pay off the Construction lender. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Mar 25th 2013
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Andrew Alfonso (CashCow)
#44 ranked lender in Florida - 271 contributions

No but thank you - Andrew

Mar 26th 2013
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