Recently Closed -VA Mortgage New Construction in Oregon
Recently my team was fortunate enough to be introduced to a couple who decided to have their dream home built in Oregon. Originally from Hawaii, work brought this couple to the mainland, and they decided to buy a new construction home outside of Portland in the town of Milwaukie, OR.
Fortunately for the buyer, he was a military veteran and had eligibility and qualified for the VA loan program - the best mortgage program out there!
Although VA loans allow for 100% financing and don't require a down payment, to keep payments manageable and reduce their VA funding fee, our clients put 10% down, and with their stellar credit our clients were able to secure a fixed rate that started with the number "3" in a market where that is rare to find - all with no points!
Did you know?
Construction loans and VA loan present challenges and more intricacies than standard conventional loans, which is why many lenders (sadly, in my opinion) avoid them. There are several additional VA disclosures that borrowers, sellers, and builders have to complete, and builders must obtain a VA identification number, which is a very easy process with a willing builder who will take the time to fill out a form and answer just a few questions.
Thankfully, we worked with an outstanding team on this transaction - the buyers were organized and got us everything we needed quickly. Their real estate agent provided top notch service and stellar communication, and the builder was extremely available and helpful along the way to keep things moving and allowing us to close early with the entire process from start to finish taking about 3 weeks.
Our clients were beyond great to work with (as I've found so many military families to be!), and while they were happy with the loan process, I think they were THRILLED with their new home. Here's what they had to say:
John was tremendous with his accessibility even during non-business hours for any urgent concerns! Our realtor was greatly impressed and told us that this was rare among loan officers. John was also excellent with his communications and regular updates, allowing us to close earlier than planned!
Veteran clients using a VA loan need an experienced Loan Officer and team to help them navigate through the process and avoid potential snags that can happy with inexperience and a lack of understanding of the VA's requirements for loan approval. Mason-McDuffie is a ginniemae-direct VA lender and we underwrite our loans to VA standards without overlays. Our team is happy to be able to help Veterans buy and refinance homes from coast to coast, and beyond! (with our team members in Hawaii!)