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VA Construction Loan

2,343 Views | 9 Replies | Last: 2 yr ago by Jay@AgsReward.com
Busch_League
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Howdy!
I'm currently deployed, but am looking into different types of home loans, and wanted to see if anyone has had experience in dealing with VA construction loans, and has any advice or could answer a few questions I have. Thanks y'all!

Gig 'em!
Jay@AgsReward.com
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Yes, we offer the VA construction loan. Feel free to ask away.
Busch_League
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What is the process if I am wanting to buy the land and build my home on said land?
Is there a benefit to using a FHA or conventional construction loan instead of my VA loan? What is the time length for closing and starting on construction? What are the limits for VA construction loan? Thank you so much!
Jay@AgsReward.com
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The VA loan will be your best option the rate and the down payment requirement is generally lower. As a general rule, it will take about 90 days from the beginning of the process to closing on the loan and starting construction. Here's some general guidelines for a VA 1x close construction loan credit score must be +640, land cannot be more than 10 acres (there may be exceptions in some cases), the build cost must be 60% of the total cost, you must use a VA approved builder (you cannot be the general contractor), and the builder must be approved.
Busch_League
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Is there a borrow limit for the loan?
Jay@AgsReward.com
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all the way up to 4 mm.
Busch_League
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Is there a good email that I can reach out to with more questions? Thank you!
Red Pear Realty
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On the 10 acre thing, possible to survey off 10 acres and pursue the construction loan for that parcel?
Jay@AgsReward.com
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Yes, my email is my screen name here.
Jay@AgsReward.com
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Yes, you can do that.
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