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VA Construction Loans: How to Build a Home with a VA Loan
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- čas přidán 27. 01. 2020
- VA home loan expert Chris Birk takes you through how a VA Loan can help build your home using a construction loan.
Building your dream home is a possibility with a VA home loan, but it isn’t always an easy road. This no-down payment program allows qualified borrowers to use their VA loan entitlement to obtain a mortgage for new construction. But it can be challenging to find lenders willing to make a true $0 down VA construction loan.
Time Stamps
0:14 - Tough to Find a Lender
0:30 - Turn Construction Loan to VA Loan
0:46 - Traditional Construction Loan
1:00 - Shop Around
1:26 - Restrictions
1:37 - Traditional Land Loan
2:08 - Permanent Financing
3:05 - VA Appraisal
3:41 - VA Purchase vs. Refinance
4:19 - Real World Example
Watch the entire VA Loan Guide to Homebuying here: • Everything About VA Lo...
Learn more about construction loans:
www.veteransun...
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#VALoan #ConstructionLoan
VeteransUnited.com | 1-800-884-5560 | 1400 Veterans United Drive, Columbia, MO 65203
Veterans United Home Loans NMLS #1907 (www.nmlsconsumeraccess.org). A VA approved
lender; Not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency.
Licensed in all 50 states. For state licensing information, please visit www.veteransunited.com/Licenses.
Equal Opportunity Lender
This is totally different from the last 2 videos I’ve seen.
1. They VA loan will finance for land to build on
2. VA loans also pay for the building until final construction
3. VA loans showed zero down.
Not sure what’s true guess time to do my own research.
We are a Veteran housing developer and help Vets develop new homes. Typically self-builds are not allowed w/ VA Construction Loan. Also financing is only one piece to a complete build.
Do y’all build out in NorCal?
Heeeelp Lots of land in my area and I just want a small portable cabin , set up foundation, throw utilities in finish it out and bam!! Land is very cheap here in my area please send more info
I’m va approved but I want my lil cabin not an overpriced used home please help!!
@@gaiasgrowinggarden8603 no answer eh?
What is the point of this video if you guys don't do VA construction loans?...
Exactly!!
Because information should be free!
Are you mentally challenged?
What sucks is that your company denied me before asking me about my history but only looking at my credit score! Again what’s your company motto??
Thank you for the information! I' helping my father do research to build his retirement home. He's already owns the improved land in which he wants to build on. However, we are having a hard time finding a lender for a construction loan, preferrable a VA construction loan. How do I help him locate a lender and accurately reflecting his guaranteed income?
So Veterans United doesn't assist service members with building homes but are more than happy to swoop in and take the long term loan after the risk is assumed by another lender willing to partner up and take that risk with said service member. Got it. Veterans United in name only.
Would the refinance be free? When you refinance that home at 300k it’s probably gonna cost you around 7k (closing cost) to get that 30k back.
Math spend 7k to get 30k back. That’s almost paying 30% interest on that 30k NO THANKS
I have land and trying to get a VA Construction loan. I have 2 mortgage lates recently due to a misunderstanding on my payments for the land I own. Any advice on who would allow that or waive that? Any info would help.
I recently received my chapter 7 discharge letter. Can I use take out a VA construction loan after 2 years?
Can you build small residential multifamily with the VA Construction Loan?
Yes. The guidelines are similar to most other government loans. You can build up to a quadplex(4units) but you must live in one for a year then. Pay it off and repeat.
That was great info, thanks! When I call in, can I expect all to have similar depth of knowledge the guy in the video had told would I have to ask for a specific type of specialist?
I am interested in building a quad-plex with my VA Loan on land that I own which cost me about $10K. Is the process the same even though I do not want a single-family home.
I’m also trying to find or build a 4plex how’s the process going for you?
@@WeAllWeGot333 same here man, keep me updated if you learn
Once the process is complete and equity goes up is pulling a second mortgage for a pole barn or other upgrades possible? Can a pole barn be included on the original build or does the VA limit to the house only? Will grading and a road base drive on virgin land be separate or included as well? Thanks for the video. Just started looking around Brookings Oregon and trying to self educate a little. Are you a 48 state lender?
I’m interested in this too, I want to build a pole barn or “bardno” and also purchase land into one total price. Any info on that ?
@@freeagent9753 All I've heard from lenders is nope. They are hesitant to do VA land buy and build loans right now so I gave up on that possibility. Found something I like though and going for it. Good luck.
@@1nvertedReality ok thanks for the update, goodluck on your journey
Another Great Video!!!!!!!!!!!!!!!!!!!!
Great information, I need a mentor in California. Link information information my comments.
Any info?
As a small family builder business, there isn’t a chance in he** we would build someone a house with no money down (no skin in the game) and no pay up during the build to fund it. All this VA stuff is comical….it’s always about how the veteran can build a house or buy a house with zero skin in the game…..meaning the other party (seller or builder) has to absorb all the risk. Nothing against veterans as my husband is one, but the whole VA loan system completely ignores the unfavorable circumstances it puts the seller in and thinks the seller will just do it out of the goodness of their heart. Ridiculous. 🤦♀️
We may have been approved for the max amount for a va home loan, BUT in order for us to use it we have to find a builder that is willing to completely build the house out of pocket BEFORE the builder gets paid! Talk about some dumbass shit idea!!!!! NO ONE in our area is willing to do that!! Then was told that maybe it’s best for us to just buy instead of build 🤦♂️. I have land that’s been in the family for several several generations, why would we just give that up
This is so outdated