va construction loans: VA One-Time Close Construction Loan Options for Veterans Expanded
- 04/19/18 01:05 AM
Some house hunters get fed up with looking for just the right home, while others start out their home loan journey knowing in advance they want a house built for them. What options to these borrowers have? There is an FHA home loan known as the FHA One-Time Close construction loan that lets borrowers apply for a single loan that covers both construction costs and the mortgage itself. The FHA version of this type of construction loan requires the borrower and lender to work together to establish a plan for the project including estimated completion times, interest rates, budgets, and more. Some borrowers aren’t … (4 comments)
va construction loans: VA Construction Loan Availability
- 08/02/11 03:23 AM
There are many frequently asked questions about the VA loan program. Some of those questions are about the availability of certain types of VA home loans. Some people, even in a trouble economy or difficult housing market, still seek construction loans, for example. VA construction loans are still technically available–the Department of Veterans Affairs has not eliminated these loans or stopped approving applications for them. But many lenders have decided to stop accepting new VA construction loan applications due to the current economy. Go to some lender websites and search for VA construction loan information and you may find disclaimers like … (0 comments)
va construction loans: VA Construction Loan Facts
- 06/24/11 03:17 AM
In times when the housing market isn’t as robust as it should be, new construction home loans aren’t as much in demand as they would otherwise, but there are still plenty of house hunters interested in exploring this option. The Department of Veterans Affairs allows VA loans to be used for both existing construction and new construction properties, so a borrower shouldn’t hesitate to ask a lender about the new construction option. The process for applying for a new construction VA loan is the same as applying for a VA loan to purchase an existing home–the borrower must have a VA certificate of eligibility and the … (2 comments)
va construction loans: VA Loans: New Construction Loans Vs. Existing Construction
- 11/26/10 12:20 AM
VA loans for new construction homes have different requirements than VA mortgages for existing construction purchases. In a troubled housing market, some lenders don't see as much demand for new construction loans, and in today's housing market some lenders have stopped issuing them altogether, waiting for the uncertainty to pass before taking a chance on new construction VA home loans. Since many VA loan applicants aren't interested in new construction VA loans, why should people bother to understand the rules that cover them?New construction loan rules normally don't affect the buyer interested in purchasing existing construction property. For example, new construction … (1 comments)
va construction loans: How VA Construction Loans Work
- 11/19/10 02:00 AM
VA home loans aren't just for veterans and current military members looking to buy an existing home for sale on the market. They can also be used to buy a piece of property and have a home built on it. A VA construction loan isn't as popular in tough economic times, but plenty of veterans do seek them out. How do they work? A VA home loan for new construction must be applied for with VA eligibility like most other new purchase VA home loans. Once approved, the VA loan is closed before construction begins and there is an initial disbursement … (1 comments)
va construction loans: Common VA Issues--Builder's Warranties
- 05/17/10 11:17 AM
When a house hunter with a pre-approved VA home loan amount goes house hunting, it might not occur to them at first to look for a good piece of property to have a custom home built as opposed to purchasing an existing home. First time home buyers who decide to go this route are usually in need of some additional information when it comes to what it takes to get that house built, inspected and made ready to live in. But what about when that’s all said and done? The builder’s warranty is an important feature that should not be overlooked. … (1 comments)
Some house hunters get fed up with looking for just the right home, while others start out their home loan journey knowing in advance they want a house built for them. What options to these borrowers have?
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