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Veterans...VA Loan for New Construction.
Posted on 2/16/15 at 1:53 pm
Posted on 2/16/15 at 1:53 pm
I'm looking to build a new home soon. Looking for info and options on using the VA Loan. What are y'all experience with this.
9
Posted on 2/16/15 at 2:23 pm to choupic
Haven't used mine. With that said, my roommate writes mortgages and we are talking about buying a house because rent is a waste of money. He swears up and down that using my VA loan is the best option we will have at our relatively young age (25).
Posted on 2/16/15 at 2:28 pm to choupic
Find an easy bank that has construction and permanent financing under the same roof. VA is golden. The ball is in your court, but many banks are pains with construction now. Find a community bank.
Posted on 2/16/15 at 2:29 pm to choupic
quote:
I'm looking to build a new home soon. Looking for info and options on using the VA Loan. What are y'all experience with this.
I can't offer you info on Construction loans through VA, but I know that any other kind of loan outside of VA is almost always a better option, and VA should be a last resort. That's been my experience.
Posted on 2/16/15 at 2:54 pm to choupic
I used mine on new construction a little over two years ago. It was pretty easy and the broker I used encouraged it. Said there's no better loan. About 320k loan, didn't have to put anything down, 30yr fixed, no pmi, no closing cost (yeah right), 2.9%, w/ insurance and taxes its 1700 a month.
Posted on 2/16/15 at 3:18 pm to choupic
I've used mine twice but not to build. VA building requirements are more strict in some areas though, When I bought my first house the garage was under the house and the builder had to put a tiled flame resistant ceiling in it before VA would write the loan.
Posted on 2/16/15 at 3:58 pm to choupic
When I was buying my house I was told by several people just to use a conventional loan instead of the VA because the rates are so low so there really isn't a benefit to use the VA. The VA loan would be a good backup if rates were to skyrocket etc.
Posted on 2/16/15 at 4:04 pm to choupic
(no message)
This post was edited on 11/16/21 at 9:18 pm
Posted on 2/16/15 at 4:23 pm to choupic
Do you have a disability rating of 50% or more?!
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