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VA construction loan

My husband and I are looking into building a home in the next year and are trying to find a lender that will help us with our construction loan. My husband is an active duty Marine and we would love to get a VA construction loan. We have never dealt with the VA so this is all new to us. We will be building in Wisconsin. We are looking at two different plans, one of which is a panelized home. The price of the homes range from $260,000 to $300,000 depending on the plan we choose. Our income is currently a little over $10,000 per month. The minimum payments on our credit cards total $200. We currently own a home and are planning on renting it out when we build our new house. The rent will cover the mortgage and insurance. Taxes are about $200 a month which we could easily cover. Our credit score is 738 and 749. If anyone can please help me find a mortgage lender that will assist us, it would be much appreciated. by nk_mlm_629_289 from Oceanside, California. May 17th 2012 Reply


William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

VA loans not a problem, Construction loans, not a problem.. VA construction loans don't exsist... if you get a construction loan and once the home is completed, you can refinance into a VA loan, but the biggest benefit of VA financing is 100% Financing... if you buy in a new home subdivision, you can give them a deposit and once the home is built, then do your VA financing, but if your wanting to build a custom home, you will have to get your financing in place first and refinance once it's completed... The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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. 480-287-5714 WilliamAcres.com

May 17th 2012
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions

William is correct it is pretty much impossible to obtain 100% financing to build a home. Your best option if you are set on building something yourselves will be to look for a contractor who is willing to build the house for you based on your mortgage approval for the permanent financing. They may require a substandial deposit from you to start the process but you would be able to receive all or most of those funds back at closing through the VA loan. Based on the summary of your qualifications above you shouldn't have trouble qualifying for the mortgage, assuming that doesn't change when you move to Wisconsin. We do offer up to 75% financing to the contractor if they need it. While I normally agree that it is best to work with a local mortgage banker (95% of my business is in my lo cal Charleston, SC area) the most important thing is to find the right person who is knowlegeable and will guide you through the process. I am licensed nationally through our company and currently working with a customer in the Nashville area because he could not find the right person for his situation in his area. I'd be happy to talk to you about our options when you get closer to when you are ready to move forward. Phil Dumouchel - 843-343-6383 (pdumouchel@primelending.com)

May 18th 2012
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J D (jjfsmithloans)
#607 ranked lender in California - 27 contributions

Contact us now for your financial solution; We are the right lenders capable of funding your account within 24 hours.mayfundsinc@live.com

May 26th 2012
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What'd you end up doing? I'm curious about obtaining similar financing and would like to use the VA if possible. Also building in WI.920-427-0650,Bryan

Jul 29th 2013
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