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Thinking of building a home and wondering if you can use a va home loan for financing? If you are a veteran then you may have this option available and getting a new home built may be easier than you think.
Basic VA home loan requirements:
- Serve or have served in the US Military, Reserves or National Guard
- Have an honorable discharge status
- Have qualified Service Time Requirements:
- 90 or more days active duty service during active wartime
- 181 days or more of active duty service during peacetime
- Currently active duty service and meet the 90 or 181 days requirement
- Non-remarried surviving spouse of veteran who died during service or because of service related injuries
- Are approved for your credit score and can verify employment
Additional guidelines for getting a va home loan in order to build a new construction home are:
- There must be a warranty on the home
- The builder being used must be a “va-approved” builder-consult with a va home loan specialist to find a va approved builder
- Builder must posses Valid Va Builder identification number
- If your builder does not have a valid Va Builder ID # and you want the benefits of a va home loan, your mortgage professional can help get your builder approved.
- New construction must meet additional inspection requirements
- New home must meet accepted standards of good construction
- New construction must fit specifications and plans, which the va home loan appraisal is based on.
(The following 3 items must be filled out and submitted to VA prior to va home loan notice of value being issued)
- Builder information and certification form
- Va form 26-421 Equal Employment Opportunity Certification
- Va form 26-8791 Va Affirmative Marketing Certification
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{ 2 comments… read them below or add one }
Hi,
I am interested in the VA Construction Loan program and was wondering if my intentions are something that you might be able to work with me.
I live in Honolulu, HI and I have a piece of property in mind for a home. I am interested in purchasing the property and beginning construction on Phase I of a 4-Phase home. The loan would be for the property and for Phase I of the home.
Do you think this is something within the realm of possibility? I have checked all of the local lenders and they aren’t currently performing any construction loans.
Thank you for your reply.
R. Thompson
Roland,
Here is everything you need http://nobsvaloans.com/category/va-construction-loans/