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va constrution loan

by kandnbroxson71 from , Florida. Jan 16th 2015 Reply


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

Usually you can do a construction loan 100 financed.

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

It's doable.

Jan 17th 2015
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Jericho Cherry (Jerichocherry)
#54 ranked lender in Virginia - 1,107 contributions

Check with a local Loan Advisor to see if they may have such a program.

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

It may be possible but very few lenders offer 100% for the construction loan, only on the permanent mortgage - unless you already own the land and there will be equity in it after you build the home. It may be easier to find a contractor who will build the home with their own financing, a decent deposit from you, and you would buy the home from them when the home is complete.

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

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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