VA One Time Close New Construction Loan

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Here I go over the VA One Time Close New Construction Loan. I cover the application process along with important information on what you can and cannot do.
My website for more information, contact info and prequalification: bit.ly/MHSDrewSmith
Drew Smith
719-507-1223
dsmith@mhslending.com
NMLS#2113580
Branch Address: 9325 Sky Park court Ste. 120 San Diego, CA 92123
MortgageOne, Inc. NMLS#898812
Equal Housing Lender - For licensing, go to www.nmlsconsumeraccess.org
LO NMLS: 2113580
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Опубликовано:

12 янв 2024

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Комментарии : 28

@michaelzma9102 12 дней назад

Excellent information

@Mr.J2UMF 5 дней назад

How about the house is getting destroyed and new one built on new pad w/new utilities.

@FighterPilotPoker Месяц назад

Wow. Really great video. The way you described barndos was interesting. Some barndos are not kits, but site built custom just using steel and post frame. Are you saying post frame is not allowed?

@drewsmithloanofficer 28 дней назад

Thanks for the comment. It’s something we could look at if you have plans or a builder. Our lenders aren’t doing barnominiums or post frame homes at the moment. You can check with the builder or manufacturer and see if they have a preferred lender they recommend. Also you’re right, not all barndos are kits. I was speaking about other homes. I’ve had some borrowers interested in kit homes. You can look them up. Most of the ones I’ve seen are log cabin types. It’s 2 different types of homes. Thanks!

@MsBdm12 4 месяца назад

I’m looking into getting VA one close loan, but currently have a conventional loan. I would sell the home I’m currently living in, before moving into new. How difficult will it be to get approved for a loan when my debt to income currently includes my current residence?

@kevinkozak1234 3 месяца назад

Great information! I think you have be off on the sf aspect. You can build 1-4 units.

@drewsmithloanofficer 2 месяца назад

Every lender is different. Our investors do not allow more than a 1 unit property.

@Fjisimmons928 3 месяца назад

Is 150000 the maximum price for land or is it dependent on credit score etc.

@omniteksilbear4559 Месяц назад

You cant find a builder in Florida. All builders want high end projects where they get paid with no restrictions on draw.

@joliva Месяц назад

Unfortunately the part of Texas i live in, Lenders know nothing about the VA one time close construction loan. :(

@drewsmithloanofficer 20 дней назад

We're licensed in TX. Please feel free to send me a message. My information is on my page and in the descriptions of each video.

@elraf5578 Месяц назад

So who decided barndominums are not worthy for VA home loan ????

@elizearoquendo8237 4 месяца назад

I’ve only inquired through Veterans United. My loan officer said I would need to own the land 1st and would not be able to include a land purchase in the overall VA construction loan. Do you think that is just their policy and I might have luck finding another lender to include the land contract under 1 loan with the build, how you mentioned?

@drewsmithloanofficer 3 месяца назад

Yes that something we do. It’s called an OTC VA loan. You can buy the land and build all at the same time. Please feel free to reach out to me. My contact information is in the description of this video.

@rockaelmays 4 месяца назад

Quick question you mentioned you can't do multifamily is that something you don't do or is that the VA rule for VA one time construction loans?

@drewsmithloanofficer 3 месяца назад

That’s something we have as an overlay. I’ve heard other lenders might have the ability to build a multi-unit. If I find one I’ll make a video about it.

@kennyjames6263 3 месяца назад

Would a detached garage be considered a 2nd unit?

@drewsmithloanofficer 3 месяца назад

That’s a good question! No a detached garage would not count as a 2nd unit.

@TheDonutman44 2 месяца назад

Question on closing costs…what is waved for veteran not paying if they are at least 10%? Is that just VA fees but we would still have to pay closing costs correct? Thx!

@drewsmithloanofficer 2 месяца назад

That is the funding fee from the VA. On a first time purchase it’s 2.15% and on all subsequent purchases it’s 3.3%. It is waived it a borrower has a service connected disability rating of 10% or greater. It’s also reduced if a borrower puts money down, either 5% or 10%.

@drewsmithloanofficer 2 месяца назад

And yes there are still closing costs a borrower has to pay. Good question!

@joliva Месяц назад

Does "one time close" mean that this construction loan will also be my Perm loan? Or do I need to get another bank or credit union to Take over for the Perm loan? I may have answered my own question :) But im curious.

@drewsmithloanofficer Месяц назад

The one time close will be your permanent loan. No need to get another loan after construction is complete.

@joliva Месяц назад

@@drewsmithloanofficer Thank you. Unfortunately the issue is finding a lender that will utilize this Benefit. It shouldn't be this difficult for veterans to find lenders that are able to help get a VA construction loan. I hope someday they will utilize it more.

@FusionLab88 Месяц назад

Does Icon 3D printed home count?

@drewsmithloanofficer 28 дней назад

I’m going to guess our lenders don’t allow these. I’ll look into it though! I had to look it up and it’s pretty interesting what they’re doing with these homes!