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Can i get a VA construction loan with a score of 620

by kandnbroxson71 from , Florida. Jan 16th 2015 Reply


Timothy Howard (timehoward)
#116 ranked lender in Arizona - 159 contributions

I do know that FHA has a construction loan program. I am just not sure on the minimum credit score.

Jan 17th 2015
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Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

VA does allow a construction loan, the problem is finding a lender who offers them and knows how to do them.

Jan 17th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

Highly unlikely you could get a construction loan with that score - especially if you want 100% financing. CP loans are considered to have much more risk than a regular purchase loan.

Jan 17th 2015
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Sean Young (SeanYoung)
#1 ranked lender in Colorado - 1,112 contributions

They score should be the same requirement for a normal VA loan. Most of the ones I have seen that were done successfully were done with a larger builder who could front the money up front and get paid back when it was finished. I have never done one myself since most lenders don't actually provide them even though VA allows them. I would speak with some local banks and local builders to see what options you can find. Best wishes, Sean

Jan 17th 2015
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