One-Time Close New Construction- VA

Single loan to fund the purchase (or refinance) of a lot and the costs of building a new home
 
Underwritten once prior to closing, closed, construction phase administered, then modified upon completion to permanent phase

 
  • One time close= one set of closing costs
  • No mortgage insurance
  • No max loan amount
  • No geographical restrictions
  • No requalification
  • No new appraisal
  • Interest rate protected during construction
    • Cap Rate and Free Float Down
  • 30 year term
 
 Eligibility
· Veterans only
· 580+ credit score
· New construction: residential property (may include up to 1-4 residential units), manufactured (double-wide or larger, modular homes, and STICK BUILT
 
 Construction Phase
· Payments due during construction are interest only, based on the drawn balance
Permanent Phase
· Rate is locked in prior to close
· 9 month construction period
 


 
 
 
 


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