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VA One-Time Close Construction Loan Options for Veterans Expanded
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 interested in FHA home loans since they have other options; do qualifying military veterans have a VA loan version of the FHA One Time Close Mortgage? The short answer is yes.
The VA One-Time Close Construction Loan Program
VA construction loans have, on paper, long been available to eligible borrowers who meet VA loan time-in-service minimum requirements. But the instructions for participating lenders wasn’t as extensive and seemed to discourage lenders and borrowers from taking advantage of this option. However, in 2018 updates to the VA lenders guide offers more detailed guidance.
VA Construction Loan Steps
Once the lender agrees to the loan, the ... more

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