ATTENTION VETERANS Build The Home You Want with as Little as ZERO Down!
With ZERO payments during construction
With ZERO payments during construction
A VA Construction loan is a specialized loan offered by the U.S. Department of Veterans Affairs (VA) that allows eligible veterans, active-duty service members, and certain members of the National Guard and Reserves to finance the construction of a new home. This loan combines both the cost of purchasing the land and constructing the home into a single loan product, which can simplify the financing process.
One of the significant advantages of VA loans, including VA Construction loans, is that they often require no down payment, making homeownership more accessible for veterans and service members.
Unlike many conventional loans, VA loans do not require private mortgage insurance, which can save borrowers a significant amount of money over the life of the loan.
VA loans typically offer competitive interest rates, which can make monthly payments more affordable compared to other types of loans.
VA loans tend to have more lenient credit requirements compared to conventional loans, which can make it easier for borrowers with less-than-perfect credit to qualify.
A VA Construction loan can be a "one-time close" loan, which means the borrower does not have to go through the loan approval process twice. This feature combines the construction financing and the mortgage into a single closing, reducing paperwork and streamlining the process.
To be eligible for a VA Construction loan, borrowers must meet specific service requirements, which typically include a minimum period of active duty service. Surviving spouses of deceased veterans may also be eligible in certain circumstances.
Your VA Lender Cami Mathews at Canopy Mortgage will sit down with you and go through the entire financing process. Like a traditional VA loan, you may qualify for a zero down payment. Your VA Construction loan also allows you to lock in your rate, have no payments during construction, and allows the builder to pay your closing costs.
Not every contractor is approved as a VA builder, so it's important to ensure that your contractor has the experience and bonding required by the Veterans Administration. Your VA approved builders at truHOME Building and Development understand and operate at the standards set by the VA to ensure you have a quality built home.
It's that simple! There is no additional financing required, no additional fees, and no other hoops to jump through. Your VA Lenders at Canopy Mortgage and your builders at truHOME will make sure your new home is everything you dreamed it would be and more. Get ready to move into your beautiful new home!
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