No $ down VA construction

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Hello! My hubby and I are looking to build our dream home in Harford County MD. We have great credit and a great income. We just haven\'t saved money for a down payment. We have our VA certificate and were really hoping to find a bank that would allow us a no down payment construction loan. I know it is a long shot but if this isn\'t possible maybe some other ideas to minimize the out of pocket expenses???

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Answer #1

How about a no money down VA loan, but buy a home that is already built? You can still buy a newly built home this way. Otherwise, start saving for your downpayment while you continue to look for your land & county permits, , & hire someone to draw up your plans.
With a construction loan, you will need a minimum of 10% down. Most lenders require 20%, but I know one of these loan officers to the right has one that will let you put 10% down. A no money down construction loan doesn’t exist..
Good luck..!

Answered By: choicefinance.net Level Rating

124points

Answer #2

Hello and thank you for your inquiry. It is very unlikely any lender or bank would consider a 100% VA construction loan currently. If you had some assets to use as a down payment, or if you had equity in a currently owned property, that equity could be used as collateral during the build phase. If you do own a property with equity it would be required that this home be sold at the end of the build period and that equity be used in the permanent loan.

I hope this helps.
Skip Kittleson
Access National Mortgage
301-252-7924
NMLS #658891

Answered By: Level Rating

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