Why VA Construction Loans Are About to Get Much Better

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✝️WHO YOU ARE IN THE EYES OF GOD✝️

You are LOVED…
"But God showed his great love for us by sending Christ to die for us while we were STILL sinners.”
Romans5:8NLT

You are FORGIVEN...
"For he has RESCUED us from the kingdom of darkness and transferred us into the Kingdom of his dear Son, who purchased our freedom and FORGAVE our sins."
Colossians1:13-14NLT

You are CALLED…
"For we are God’s masterpiece. He has CREATED us anew in Christ Jesus, so we can DO the good things he PLANNED for us long ago."
Ephesians2:10NLT
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🔍ABOUT🔍

In this video, we explore the recent exciting changes to the VA home loan benefits, specifically focusing on construction to permanent loans announced on June 5th. The video delves into the details of the new VA handbook, clarifying the possibilities of one-time close and two-time close loans. It covers the differences between the two options, the significance of obtaining a builder ID, and the impact of appraisal timing. Additionally, there's valuable information for veterans on how to navigate these changes and make informed decisions for building custom homes using VA loans.

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#VAConstructionLoans #VAConstructionToPermanent #ConstructionToPermanent #VAOneTimeClose #VATwoTimeClose #OneTimeClose #TwoTimeClose #VALoans

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🚧DISCLAIMER🚧

The content in these videos shall not be construed as tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other and may be outdated or inaccurate; it is your responsibility to verify all information yourself. This is a YouTube video for entertainment purposes ONLY. All stats, data, house pricing, and anything else mentioned is always subject to change and is provided merely as an example at the time of this recording. This was created for educational purposes only and the opinions in this video are my own and do not reflect those of my employer.

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⏱️TIMESTAMPS⏱️

00:00 Exciting VA Home Loan Update
00:28 Understanding Construction to Permanent Loans
02:16 One-Time Close vs. Two-Time Close
05:19 Builder ID and Eligibility
06:40 Appraisals and Underwriting
07:47 Veteran as Contractor and Down Payments
09:13 Conclusion and Further Resources

[HawkFightTalk]

I was just told today by a VA lender that the VA will not do one. I have land free and clear and i have no clue who to call bro. Im ready to build but have no clue what to do next.

[rykeerycado]

Joshua, you are a God-send, Guy. Thanks for all that you are doing to help us vets.

[montezzx]

I got 10 acres of land to build on a well and electrical system on the land.

[osobravo]

So far I cant find anyone that will offer this service.

[emBe]

This is awesome information. My lender(Veterans Lending Group) pre approved me but said they don’t do construction loans! Help!

[michaels]

Clarification please. I have seen conflicting information on multi unit homes aka duplex, triplex or four plex homes. Some say yes and others say no. Please clarify.

[dr.banknotes]

Great video I noticed in Topic 2 Section B a Veteran can now make themselves as a contractor/ builder. This is huge! I wonder how lenders are going to respond to this update?

[gandalfstormcrow]

I grew up with that car, young hero.
Sort of.
1964 model 356SC
Saved dad's life when he was hit by a truck at a stoplight. 😬
Tough little bug.
With no air conditioning. 😜

[haowardbui]

If I have cash to buy the land out right, and I want to build a house on it which loan will I use?

[morieragaucho]

Please comprise a list of builders, especially in Maryland.

[brianlovelady]

If you do a one time close does the constitution of the house include well/water and septic or is that a separate cost for those building on land?

[brettfralish]

I am starting this process, so far it has not been easy to find a lender. I live in the VT/NH area.

[hectormarcayda]

Excellent updates!! A question on land and home construction. How does the purchase of the land and custom home construction work on a One Time Close? I assume it is an issue of timing and sequencing the actions? So, can I purchase the land first (using the OTC) and then build the home one year later (using the same OTC)? Or am I required to purchase the land and include the cost of the home construction upfront without any delays?

[mooch]

The construction loan sates no payments during the build up to a year. My lender is saying they back load that money into the loan so it adds 25k to the loan total. Is this correct?

[ewezdwh]

Can u build on a lot with an existing home in a single purchase or would u have buy the house then do another va loan to build?

[leandroeats]

Great informative video on VA construction! can you share where you got your hat! thank you

[USMC-jkbt]

Well then wouldn’t it be a better option to purchase the land first then do a construction loan cause you could use the land value

[Feymorales]

Can you help me do this in Florida? Do I need to buy land first or can I include the land in the loan?

[Mike-ccrm]

Great info josh, va construction is only for single family or multi family as well??

[ChrisSmithOfficial]

I am looking to do a whole home renovation. Initial bid came back around $700k. Can I use a VA Construction Loan for that? If not, is there another VA product available for a major renovations like that? Or perhaps a completely different competitive product you recommend? I have a $250k HELOC line, but that's still significantly short of what I would need.