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 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 this 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 this 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 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)
1.
Builder information and certification form2. Va form 26-421 Equal Employment Opportunity Certification
3. Va form 26-8791 Va Affirmative Marketing Certification
VA Construction Loans