Скачать или смотреть VA loans: New construction homes vs existing homes

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What if I'm using my VA Loan to buy a new home, or am building a house? VA home loans are great financing options, but what can I use the VA loan for? What kind of house can I buy with a VA loan? Can I get a VA loan to build a house? Watch this quick video about VA New Construction.
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More Information about VA Loans:

VA eBenfits Website: https://www.ebenefits.va.gov/ebenefit...
Obtaining Your COE: http://www.knowva.ebenefits.va.gov/sy...
Article on how to use Lender Credits: http://www.vafinances.com/lender-cred...
Article on what makes the VA Loan a powerful tool: http://www.vafinances.com/va-home-loan/
Mortgage Calculator: http://www.vafinances.com/va-mortgage...
VA Small Business Loan info: https://www.sba.gov/starting-business...


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Video content:

So a lot of people are out there and they're looking at new construction homes vs existing home sales and we've heard that sometimes that can be different. From a VA loan perspective, is there any difference?

If you're purchasing a home with a builder who is doing the construction process and you're just getting the "end loan" when you close? In general there typically isn't much of a difference.

Ok so the only thing to watch out for really would then be the final inspection? Correct?

Yes correct.

Okay. What if you're not doing that, what if you wanna build a house?

So you have construction loans out there that basically the bank will finance the building process and you have multiple draws and then you
have kind of a temporary construction loan and then once the building process is completed then it converts into a final loan. At that point in time technically you could refinance. Typically those types of loans require twenty percent down to have kind of the equity into the property. Now at certain times there was word of having a VA construction loan and our
bank was actually looking into that type of product but at the end of the day there's a lot of risk and we didn't move forward with that. So they may be out there but in general the construction loans that are out there, the typical construction loans are
going to be requiring a down payment and or aren't a VA Loan.

To your knowledge is there a VA loan product out there that lets you use one loan to go buy the lot, construct the house and then have the set loan afterwards?

It's out there it's just very very hard to find. There's only a couple investors couple companies that will do it and it's very cumbersome loan process and there's just not a lot of opportunities out there.

Got it.
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