VA home loans offer 100% mortgages for eligible veterans. This includes mortgages for purchases and for cashout refinances. Even for new home construction. VA One Time Close mortgage allows for veterans to finance the construction of a new home with 100% financing.
The VA construction permanent loan allows provides funds for the lot purchase and for the construction. The permanent loan is fully approved and the rate is locked before the construction begins.
One closing for the construction and for the permanent financing
Contractor credit lines are not used
Permanent loan terms are locked
No updated borrower qualification for the permanent financing
No down payment required for new home construction