![]() ![]() Once this key step is complete and the proposed home meets VA guidelines, your loan can move to closing. Lenders will lend the lesser of the home’s acquisition costs and its fair market value. Soon after, the VA issues the formal Notice of Value listing the home’s fair market value. ![]() The lender will order a VA appraisal based on the new build plans and specifications. ![]() You or your builder will provide the construction plans to the lender. The VA maintains a list of its approved home builders on its website. These can usually be obtained within a matter of days. The VA doesn’t approve home builders, but they do require them to register with the department and obtain what’s known as a VA Builder ID. That means providing the same kind of income, employment and financial information you would for a traditional VA purchase loan. If you find a trustworthy lender offering these loans, then you’ll work with them to close the loan before construction starts. We’ll explore other ways to use your VA loan benefit to build a home in the next section.Ĭredit score requirements, interest rates and other variables can and often will vary among lenders. Many VA lenders do not offer financing for new construction. ![]()
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