The process involved in a construction to permanent mortgage requires the borrower to begin with a construction loan from the builder and ultimately finance that short-term loan into a VA mortgage. This allows veterans to bring their VA loan benefits into play when considering new construction.
Like many other lenders, Veterans United does not make VA construction loans to build new homes. What’s increasingly common is that veterans secure a construction loan from a builder or a local lending institution. As the homebuilding process wraps up, qualified borrowers can basically turn that short-term construction loan into a permanent VA mortgage. Let’s take a closer look. Getting Construction & Land Loans
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Government loan programs offered through the FHA, VA and USDA all offer construction loan options with as little as a 0% down payment. You may have to do more shopping to find a local lender offering the construction loan option for government loans, but it may be worth it if you want to keep your down payment and expenses low.
VA loans offer qualifying military veterans and service personnel access to mortgages with no money down, competitive interest rates, and do not require the borrower to pay private mortgage insurance. As a result, veterans may save thousands at closing and hundreds of dollars every month through this program. With a VA Construction loan you can finance up to 100% of the land purchase and construction costs.
VA Construction loan process construction loans are typically short term, just long enough to build the home. At the end of the construction period, the construction lender wants all their money.
VA construction loans allow veterans and their families to combine the building loan and the mortgage that refinances it into a single transaction. The permanent financing is established prior to construction, and the final terms are modified to the permanent term at the conclusion of.
One of the most advantageous features of the VA construction loan combination is that the permanent VA loan is treated as a refinance. Even if the Veteran owns land already or buys the land through the construction loan closing, it is still structured as a refinance.