VA Single Close Construction Loans

If you're looking to build your own home, especially as a veteran or active duty service member, a VA Single Close Construction Loan offers a straightforward path to financing your dream home.

VA benefits go beyond traditional home purchase loans, providing options to finance both the building and financing of the home you envision. With a VA single close construction loan, you can leverage your earned benefits to save time and money through a simplified financing process that requires no down payment. This loan combines the construction and long-term mortgage into a single package.

The VA single close construction loan, insured by the U.S. Department of Veterans Affairs, is designed to be easy to qualify for and simplifies the entire process of paying for and building your home. Because these loans are backed by the VA, they feature competitively low interest rates and do not require a down payment.

This streamlined approach means you only need one loan, one appraisal, and one closing process, eliminating the need for multiple loans at different stages of construction. This not only reduces the time to build and move into your new home but also protects against unforeseen circumstances and avoids paying multiple closing costs.

To explore whether you qualify for a VA single close construction loan, reach out to us. We can guide you through the steps and qualifications needed to start building your new home efficiently.

Once approved, construction can begin within 30 days of closing. Throughout the process, we'll manage the construction phase, including necessary inspections and surveys.

Key requirements for a VA single close construction loan include being an eligible veteran, spouse, or active duty member of the military, having a credit score typically of 640 or higher, obtaining lender approval for the builder, ensuring contractors are registered with the VA, and conducting an appraisal to assess project value. Standard VA loan guidelines apply to this single close construction loan.

If you have questions about financing your new home, check out our FAQ section or reach out to us for more information. Building your dream home can be a reality with a VA single close construction loan.