Category: VA Loan

Michigan VA Home Loans

VA Loan Benefits for military veterans

VA Loans are mortgages guaranteed by the US Government for military members who have served our country. With no down payment required, VA Loans are one of the best loan options.

Underwriting requirements are flexible which allows for low credit scores and short wait periods after bankruptcy and foreclosure. We currently offer Zero Down VA loans with as low as a 580 credit score.

Military Veterans, Thank You For Your Service!

VA LOAN BENEFITS

Using VA financing, you can buy a house with no money out of pocket. Using a lender with no fees and negotiating to have the seller pay 3rd party closing costs, and prepaid can truly be a no cost purchase option. Other benefits include:

  • Low Rates
  • No down Payment Required
  • Fixed Rates
  • No Lender Fee Options
  • Easy Eligibility Requirements

RELATED: Use our VA Loan Calculator to estimate mortgage payments!

STEPS TO GET A VA LOAN

Once you have made the decision to use your VA Loan benefits to buy a home, you can use the steps below to buy a home!

  1. Call a Loan Officer to review VA Loan Requirements
  2. Request your Certificate of Eligibility from the VA (COE)
  3. Receive a VA Mortgage Pre-Approval from your Loan Officer
  4. Return Required Loan Documents to Complete Your Pre-Approval
  5. Search for a Home with a Local Realtor
  6. Submit Your Offer on a Home You Love
  7. Start the Mortgage Loan Process
  8. Get a Home Appraisal on The Home Through Your Lender
  9. Receive a Clear to Close from Underwriting
  10. Schedule the Loan Closing and Review Final Numbers
  11. Sign Loan Documents in from of a Notary
  12. Get the Keys to your Home!

Currently serving or a veteran? You are eligible for special mortgage benefits. Give us a call today at 800-555-2098 or request information below!

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Michigan VA Loan Site Condos

VA site condos in Michigan

The Department of Veteran Affairs has announced a major change that will waive the condo approval process for homes built as site condos in Michigan. This change will open up the availability of homes for VA loans and speed up the home loan process.

Effective immediately, site condominiums in the state of Michigan will be processed in the same manner as a single family detached residence.

Nearly all new single-family homes in Michigan are built as site condos which were previously required to be approved as if it were a condo complex. These extra requirements caused an unnecessary burden on veterans applying for VA loans in Michigan.

Effective May 24th, 2018, the Veterans Association will now recognize site condos as single family residences. These changes make it easier for veterans to qualify for VA Loans.

To read more visit: VA LOAN CIRCULAR 26-18-12 Changes to Processing Site Condominiums Located in the State of Michigan

Patriotic Veteran Photo

What is a Michigan Site Condo?

A site condo is defined as a single-family detached home that was built in a development under a Master Deed with agreed upon covenants, conditions and restrictions or CC&Rs. No part of the house or land is considered common area, however, the association may collection Home Owners Association dues for amenities that are outside the bounds of the property.

What are the benefits of Site Condos in Michigan?

Many new home developments in Michigan are built as Site Condos where the home and land are owned and maintained by the individual owner and the common areas are maintained by the condo association.

Just like condominiums, site condos may have amenities such as pool areas and recreational facilities. Additionally, the roads to the individually owned properties are maintained by the association. The costs of these amenities are split among the association members in the form of Home Owners Association Dues (HOA dues). The costs of the dues will vary from association to association.

Why does Michigan have Site Condos?

In 1978 the Michigan Condominium Law was passed which allowed for quick approval of home developments on private property. Since then, the majority of new single-family residences have been classified as “site condominiums” (site condos).

This classification allows developers to build neighborhoods faster and more efficiently because they utilize private roads and common areas that are paid for by the association members.

Patriotic Veteran Photo

Do VA Loans need Site Condo Approval in Michigan?

With Michigan’s VA site condo changes, Military Veterans will now be able to use their VA Loan benefits to purchase Site Condos in Michigan without having to go through the VA condo approval process.

The condo approval process would previously require books of documentation and up to two months for review making it nearly impossible for a small site condo neighborhood to be eligible for VA financing.

Moving forward, Veterans will have a wider selection of homes that they can purchase using VA Home Loans. Veterans can now pick a home and close quickly.

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2018 Conforming Loan Limits and FHA Loan Limits Increased

On November 28, 2017, it was announced by the Federal Housing Finance Agency, or FHFA, that for 2018 the baseline loan limit for conforming loans will increase from $424,100 to $453,100. This is due to raising house prices and real estate appreciation. According to the FHFA, from the third quarter of 2016 to the third quarter of 2017, home prices have increased at an average of 6.8%. Therefore, conforming loan limits have increased by 6.8%.

Related: 2019 Conventional Loan Limits in Michigan

How are Conforming Loan Limits Calculated?

The new Conventional Loan Limit does not apply to all areas of the United States. There are certain areas in the country that are considered to be high cost, such as Alaska and areas of California. In order for these areas to be deemed as high cost, 115% of the local median home value must exceed the baseline loan limit. In these areas, the baseline loan limit will increase by 150%. This makes the maximum loan limit for these areas $679,650, which was increased from $636,150. A map of the U.S. counties and their maximum loan limits can be found here.  There are no counties in Michigan that are considered to be a high cost area.

2018 FHA Loan Limits Increased

Staring January 1st 2018 FHA Loan Limits have increased its floor to $294,515 from $275,665. This means that buyers can purchase a home of $305,196 with the minimum down payment and still get an FHA loan. In high cost areas, FHA’s loan limit ceiling will increase to $679,650 from the current level of $636,150. In high cost areas, home buyer can purchase a home up to $704,300 and still use the minimum FHA loan down payment of 3.5%.

Do Other Loan Options Have Loan Limits?

USDA and VA loans do not have their own loan limit like FHA. These loan programs utilize Conventional loan limits set by the FHFA. VA may also allow larger loan amounts up to $1,500,000 if the borrower pays the funding fee at the closing over the 453,100 limit.

What if the Loan Size I Need Is Larger than the Loan Limits?

If the loan amount needed exceeds these limits then an option for you would be a non-conforming loan called a jumbo loan. These non-conforming loans follow a different set of guidelines and rates than conforming loans. For 2018, jumbo loans will be for loans that exceed $453,100. Riverbank Finance is also able to help with jumbo loans!

Jumbo Mortgage Loan limits

For loans over the conforming limit of $453,100, we are able to offer jumbo loans. Current Jumbo loan limits at Riverbank are set at 3 million dollars. The purchase price of a property can be above this limit however the buyer would need to pay cash for the difference. Our Jumbo loans options include 40 Year Interest Only Loans, 30 Year Fixed Rate Loans, 15 Year Fixed Rate Loans and Adjustable Rate Mortgages.

What are the Benefits of Conventional Loan Limit Increases?

Loan limits increasing is beneficial to clients as house prices rises because conventional/conforming loans offer the best rates. Higher loan limits allow borrowers to finance higher amount at low fixed rates. Jumbo loans typically do not offer as low of rates as conventional loans do which may be less attractive. Clients will have a wider range of houses they can get financed with a conventional loan. With our 97% Conventional Mortgages, a home buyer could purchase up to a $439,507 home with the minimum 3% down payment. For buyers that plan on utilizing a 20% down payment to avoid PMI, they can not purchase a home for up to $566,375 with 80% financing on a conventional loan.

To confirm the maximum loan amount you qualify for call a Riverbank Loan officer today at 800-555-2098 or request information below!

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Can I get a co-signer for a home loan?

Things to avoid when buying a home in Michigan.

If you want to buy a house, you have to meet certain requirements in order to secure a mortgage. What if you do not meet the requirements for income and credit history? The good news is you can ask someone to cosign on your loan, even if they won’t live at your house. Here’s what you need to know about having a cosigner on your loan.

Who can be a cosigner on my loan?

Depending on what kind of loan you are applying for, you’ll have to abide by certain regulations on who can serve as a cosigner.

With a conventional or FHA loan, you may ask your spouse, a relative, or anyone who’s going to co-own the home with you to cosign the loan. The cosigner will need to sign an application and provide full financial information to your mortgage company.

Conventional Mortgage Cosigners

A cosigner on a conventional loan may be beneficial to help get your loan approved. The cosigner will have to be related or have a close familial relationship with you that can be clearly documented for underwriting.

FHA Mortgage Cosigners

A cosigner for an FHA loan may help to get your loan approved. Similar to Conventional mortgages, the cosigner must be related or have a documented close relationship. The cosigner may be a non-occupying co-borrower meaning that they do not have to occupy the property as their primary residence to qualify. FHA cosigning example: Mother or Father cosigning for this child’s first home.

VA Loan Cosigners

If you’re applying for a VA loan with a cosigner, the requirements are a little different. If you are married, the cosigner must be your spouse. If you are not married, the cosigner can be another unmarried veteran who’s eligible for the VA Loan. You can ask a civilian (such as your parent or significant other) to cosign the loan, but the guaranty will only apply to your portion. That means you will likely need a down payment on the loan.

What are the requirements for a mortgage cosigner?

Before you ask someone to cosign on your loan, make sure the person has a good credit history and adequate income. Otherwise, they’re only going to hinder the loan process for you. For example, if you did not make enough income to qualify on your own, your co-signer will need to make enough income to cover their own liabilities and also add enough income to make up the difference for you.

Cosigner Requirements:

  • Good Credit History
  • No recent bankruptcies or foreclosures
  • Good Jobs History
  • Low expenses
  • Documentation of Income
  • Relationship to you

Remember, the cosigner is just as responsible for paying the loan as you are. So if you default for any reason, they will have to make the mortgage payments.

Why won’t a cosigner help get my loan get approved?

Getting a cosigning on a mortgage allows you to qualify based off your joint income and credit history however all applicants must meet the minimum criteria for approval. Generally speaking, when an underwriter reviews your file, they will go of worst case scenario. This means that if your credit score is too low to qualify, getting a cosigner will not help you because the qualifying credit score would still be yours.

A cosigner will not be helpful if you did not qualify for financing independently due to major derogatory events such as a recent foreclosure or bankruptcy. The wait times for these major credit events is based off the most recent event date. All parties applying for financing must meet the minimum credit scores and wait periods to be eligible for financing.

How can I get a loan without a cosigner?

If you can not find someone who can (or will) be a cosigner for you, or you do not want to ask anyone else to share responsibility for your loan, the lender will require you to fix your credit history and/or increase your income before you can acquire the loan. You may still be eligible for loans with flexible credit such as low credit FHA mortgages.

To improve your credit, you may want to take out a small line of credit that you can repay to build positive credit history. You should also check your credit report to find out if there are any errors. You can correct those by contacting the creditor or going straight to the credit reporting agency.

You could also work on saving more money toward a down payment so you can borrow less on your home loan or have a larger down payment available which may help with loan approval. Another way to improve your chances of getting the loan is to pay down your debt, including your student loans to lower your current monthly expenses.

If you are not sure whether you need a cosigner, contact Riverbank Finance at (800) 555-2098 to make an appointment with one of our professional loan officers. We can help review cosigner options for all of our mortgage options.

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Can you have more than one VA Loan?

If you have a Veterans Affairs (VA) Loan on your first home and are thinking about buying a second property, you can get more than one VA Loan without having to sell or refinance your current home. This is called VA Loan second-tier entitlement. The higher tier entitlement kicks in for purchases over $144,000 per VA guidelines.

The federal government has provided veterans and military personnel with the VA Loan so they can come back to the United States and purchase a home with no down payment. That’s much better than having to come up with a 20% down payment for a conventional loan on a second home, so you should take advantage. If you are considering getting two VA Loans, here’s how it works:

VA Loans Second Tier Entitlement

Michigan has a county loan limit of $453,100 for VA Loans. The VA provides borrowers with a 25% guaranty on their loan, which, in Michigan’s case, would be a maximum of $113,275. If you already have a VA Loan on your first house, the guaranty provided to you would be subtracted from the maximum amount.

VA Entitlement Calculation Example

Let’s say you bought a $200,000 primary home with a VA Loan and you want to buy a second home in Michigan with a VA Loan. Let’s figure out the math on this.

$424,100 X 25% = $113,275 maximum guaranty

$200,000 X 25% = $50,000 guaranty and down payment required

$113,275 – $50,000 = $63,275 maximum guaranty allowed on second home

$63,275 x 4 = $253,100 maximum price of second house

Maximum VA Loan Amount Calculation

Basically, if you bought a $200,000 home in the state of Michigan using a VA Loan, the VA would have guaranteed $50,000 toward your down payment. If you want to buy a second home in Michigan with a VA Loan, you can buy one that is a maximum of $253,100 with no down payment. If your second home costs more than that, you will have to add some money for the down payment.

Let’s say the second home you’re considering is $300,000. The 25% entitlement on that house would be $75,000, putting you $11,725 above the $63,275 maximum guaranty. That means you would have to add a down payment of $11,725 to be able to purchase the second home for $300,000 with a VA Loan.

Related: Try our VA Mortgage Calculator to estimate mortgage payments for your VA Mortgage.

Benefits to getting two VA Loans

If you are relocating or just want to buy a new home, a second VA loan may be the best solution. Here are the benefits of getting your second VA Loan versus Conventional financing:

  • Do not need to sell your current home that has a VA Loan
  • Do not need to refinance your VA Loan into a Conventional Mortgage to qualify
  • You may be able to rent your current home and offset the mortgage with rental income
  • You will save on home sales fees
  • You will save on mortgage refinance costs
  • You may still qualify for Zero Down Financing

Buying a Second Home with a VA Loan

VA Loans are typically more lenient than other types of loans. If your first home was foreclosed, you can still get a VA Loan on your second home. Riverbank Finance can help you find out how much of the VA’s 25% entitlement you still have left to use.

If you are planning on buying a second home using VA financing to use as your primary residence we would be glad to assist you. You may be eligible for a second VA loan for your purchase and not be required to sell your current home. For more information, call Riverbank Finance at 800-555-2098 to set up an appointment with one of our loan officers.

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Loans for Veterans

Three years after the Civil War ended, Memorial Day was established to honor our veterans on the last Monday of May every year. But that’s not the only thing the US Government has done for veterans. Started in 1944, the VA Loan program makes the burden of getting a mortgage easier for qualifying veterans and surviving spouses.

No Down Payment Mortgage

One hurdle home buyers often face in getting approved for a mortgage is the seemingly insurmountable down payment. However, if you’ve served our country in the armed services, you don’t need a down payment! Traditional mortgages can require up to 20% for a down payment. That is a potentially huge weight off a buyer’s shoulders!

It Gets Better for Veterans

VA Loans have other added advantages over conventional financing. The loans are backed by the US government. That benefit is especially helpful for veterans with bad credit. A buyer can have a credit score as low as 580 and still get approved.

Another benefit of the loan being government-backed is that it doesn’t require private mortgage insurance (unlike FHA loans). Any other kind of loan, with less than a 20% down payment, must have Private Mortgage Insurance. PMI protects the lender in case of a default, but in a VA Loan, the government acts as the insurance.

Use our VA Mortgage Calculator to estimate monthly payments.

Sign Up, Soldier!

So how do you get a VA mortgage? The first step is to get a Certificate of Eligibility from Veterans Affairs (We can do this for you with a quick phone call), to show that you are eligible for the program. Once the certification is received by a loan officer and processed (most are instant however manual COE’s can take 5-10 business days), the loan goes for pre-approval. You could qualify for up to a $453,100 loan. Your dream home might be more within reach than you think.

Riverbank Finance offers both 15 and 30-year VA Loans. We can review the benefits of both VA loan terms to find the right fit for your family. Apply for a VA Loan online or in person at our office. Our offices are also handicap accessible making it easy for disabled vets.

VA Refinance Loans

If you already own a home and qualify for a VA Loan, you also can benefit from refinancing through VA Loans. Like other VA Loans, this program was set up with easier qualifications and benefits than a traditional loan. For refinancing, this means that you can cash out up to 100% of the value of your home. So if you haven’t taken advantage of VA Loans in the past and have a remodeling project you’ve been putting off, now is the time. These are benefits you earned for serving our country. Use them!

We, here at Riverbank, are thankful for our armed service members. We feel honored every time a veteran seeks a loan through our services and strive to make the process as easy as possible.

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Buy A House with a Small Down Payment

If you are a first-time homebuyer, getting a mortgage may seem overwhelming — especially with all the different options available. Maybe you don’t have a lot of money for a down payment or your credit isn’t great. The good news is, you can still qualify for a home loan. Here are 4 low or no down payment options that can help you, as a first-time homebuyer, get into the house of your dreams.

FHA Loan

With an FHA loan, all you need is a 3.5% minimum down payment to buy your first home. Because the Federal Housing Administration backs the FHA loan, the qualifications are a bit more lenient. People who have no established credit or small savings for a down payment, and even a credit score as low as 580 can qualify. The FHA loan is also available to immigrants who have a Visa or Green Card, as well as those who have gaps in their employment.

It’s also easier to qualify for an FHA loan if you’ve filed for bankruptcy. With a conventional loan, you have to wait four years after filing Chapter 7 to apply for a mortgage. With the FHA loan, you only have to wait two years. If you filed for Chapter 13, you only have to wait one year. You can also get an FHA loan three years after being foreclosed on your previous property.

VA Loan

The government created the VA loan to provide home ownership to veterans and military personnel. Like the FHA loan, the government backs the VA loan for extra security, so qualifying is easier. To qualify, you must get a certificate of eligibility from the Veterans Administration. Having bad credit may not hinder you from getting approved. VA loans require no down payment or Private Mortgage Insurance (PMI). Veterans can choose either a 30-year fixed VA loan or a 15-year fixed VA loan for up to $424,100. They may also get a cash-out refinance of up to 100% of their home.

USDA Rural Development Loan

For those wishing to buy a home in a rural area, the USDA Rural Development Loan requires zero down payment, making it great for first-time home buyers. The government also backs this loan for added security, so there’s low or no PMI attached to it. You only have to pay a 1% guarantee fee upfront and 0.5% each year after that. That’s less than the 1.75% up front and 0.85% each year with the FHA loan. If you’ve recently filed for bankruptcy or were foreclosed, you won’t have to wait too long to qualify for a USDA loan.

Conventional 1% Down Mortgage

Important Update! Last date for loan submissions is 5/31/2018. Program is being discontinued.

Riverbank Finance offers homebuyers a way to put only 1% down on a home and still get a conventional mortgage. In this case, the home buyer puts 1% down and the lender (Riverbank Finance) contributes 2%, giving home buyer 3% equity when closing on the home. Freddie Mac created this option to make homes more affordable for new buyers. It allows people to buy a new home for, essentially, the cost of one month’s rent and avoid PMI altogether or drop PMI in the future. Your 1% down payment may be a gift from someone, you must have at least a 700 FICO score, and your debt-to-income (DTI) ratio is limited to 43%.  

For more information or to speak with a loan officer about any of these mortgage options, call Riverbank Finance at (800) 555-2098.

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Buying a Home with Student Loan Debt

Buying a Home with Student Loan Debt

In a few short months, thousands of college students across the country will walk across a stage, shake a hand, and graduate from a university with a degree and more than likely… a whole lot of debt. Student loans are often necessary to reach your educational goals, but will they affect your ability to qualify for other financing in the future? Here’s what you’ll need to know.

Qualifying for a Mortgage with Student Loan Debt

How your student loans will affect your ability to qualify for a mortgage depends on two things: the total amount you owe, and what type of home loan program you are applying for. There are many loan programs available today and they each treat student debt differently, by the way they calculate your monthly payment.

FHA & USDA Mortgages and Student Loan Debt

Effective last summer, the FHA and USDA began calculating monthly student loan payments at 1% of the total amount owed. Regardless of deferment or income-based repayment plans, 1% of the total must be used to calculate a borrower’s debt-to-income ratio (DTI).  If a borrower is on a standard repayment plan, and their monthly payment is greater than 1% of the total amount owed, the actual payment amount will be used.

For example, lets say John has $65,000 in total student loan debt, but he is in deferment for 6 months. His monthly payment will be calculated as $65,000 * 1% (.01) = $650 regardless of what he actually pays each month.  If, however, he is on a standard repayment schedule and his monthly payment is $780 per month, his payment must be qualified at $780.

VA Mortgages and Student Loan Debt

Last month, the Department of Veterans Affairs (VA) introduced a new policy regarding how student loan debt is calculated. Prior to this change, it was calculated the same way as FHA and USDA. Now, however, the payment is calculated based on 5% of the total student loan debt, divided by 12 months.

Lets get back to John. In this scenario, John’s payment will be calculated as $65,000 * 5% (.05) / 12 = $271. Under the VA mortgage program, John more easily qualifies, because his DTI is lower.

What if John’s student loans are in deferment? If his repayment is scheduled to begin within 12 months from the estimated closing date, 5% / 12 months calculation must be used. If not, however, the payment can be omitted altogether if written evidence can be provided as such.

Conventional Mortgages and Student Loan Debt

Under Fannie Mae Conventional guidelines, student loan payments are calculated under the same rules as FHA and USDA. Under Freddie Mac Conventional guidelines, however, an IBR payment can be used in place of the calculated amount.

Lets say John is on an income-based repayment structure and only pays $250 per month. John will simply need to provide a statement from his loan servicer showing the actual repayment terms.

Perhaps the best news yet is that our 1% Down Conventional program allows for an actual IBR payment to be used when qualifying a borrower. So, not only can John more easily qualify with a lower DTI, but he can put just 1% down on his home purchase!

Apply for a Mortgage

To apply for a Mortgage, call Riverbank Finance today at 1-800-555-2098.

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VA Loans Just Got Better

 

For eligible servicemembers, veterans, and surviving spouses, the existing VA home loan program just got better! The Department of Veterans Affairs (VA) has introduced a new policy regarding how student loan debt affects mortgage eligibility.

Related: VA Loans for Military Veterans

VA loosens Guidelines for Student Loans

The new policy makes it easier for VA eligible borrowers to obtain a purchase or refinance loan, by changing the way student loan monthly payments are calculated. Prior to this change, 1% of the total student loan debt had to be counted toward the borrower’s debt-to-income (DTI) ratio each month, regardless of actual monthly payment structure or deferment. Now, however, the payment will be calculated based on 5% of the total student loan debt, divided by 12 months. Clear as mud, right?

Lets do some math!

For example, lets say John has $65,000 in student loan debt. Formerly, his monthly student loan payment would have been $65,000 * 1% (.01) = $650. Now, his payment will be $65,000 * 5% (.05) / 12 = $271.

What if John is on an income-based repayment structure, and only pays $250 per month? The new policy also allows a statement from John’s student loan servicer to be provided, allowing the calculated payment to reflect the actual loan terms.

What if John’s student loans are in deferment? If his repayment is scheduled to begin within 12 months from the estimated closing date, we must use the 5% / 12 months rule. If not, however, the payment can be omitted altogether if written evidence can be provided that repayment will be deferred at least another 12 months from the closing date.

By changing the way student loan payments are calculated, more VA eligible borrowers will qualify, and for a larger amount. Check out our VA Mortgage Calculator to estimate your monthly payment on a desired home purchase.

What is a VA home loan?

VA home loans are originated by private lenders, banks, and mortgage companies, but the VA guarantees a portion of the loan, allowing us to offer you more favorable terms. VA purchase loans help you buy a home with a low interest rate, without requiring a down payment or private mortgage insurance (PMI). There are also special VA loan programs for Cashout and Streamline Refinances.

Who is eligible for a VA home loan?

Active servicemembers, veterans, and surviving spouses are eligible for VA home loan programs, with a valid certificate of eligibility (COE). Length of service or service commitment, duty status and character of service determine each veteran’s eligibility for specific benefits. All VA borrowers are still subject to the minimum credit score requirement of 580 and sufficient income levels to cover expected monthly obligations. For more specific information on eligibility and requirements, visit the VA benefits website.

For More Information Visit the VA Student Loan Announcement.

Get More Information

To apply for a VA Mortgage or Refinance call Riverbank Finance today at 1-800-555-2098.

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One Time Close VA Construction Loan

va-construction-loan


Riverbank Finance LLC now offers Construction to Permanent loans for new stick built homes, manufactured and modular homes. Our one time close home loan provides land purchase, construction finance and the permanent loan into one closing.

With a VA construction loan you are able to get your loan underwritten, approved and close before the construction begins. With a one-time close construction loan there is no chance of a low appraisal after the house is built. There is also no chance that you will no longer qualify for financing with a loan following the build; One-time means once you close you are fully approved and simply need to move in once it is built.

VA Construction Loan Benefits

  • 100% Financing – Zero Down Construction Loan
  • Reduction in total costs for only one closing versus the standard construction loan and end loan
  • Reduced Interest Rates for VA Loans vs Conventional
  • No Payments due from borrower during construction
  • Borrower’s first payment begins once construction is complete
  • No credit, document or appraisal expiration once the loan closes
  • No Re-Qualification of borrower once construction is complete
  • Builder/Retailer is allowed staged funding draws during construction based on line-item completion

Loan Requirements

  • 620 Minimum Credit Score
  • $417,000 Maximum Loan Amount (or per state max)
  • Owner Occupied Only
  • 1 unit properties only
  • No single wide mobile homes

Term Options

  • 15 Year Fixed Rate
  • 30 Year Fixed Rate
  • (No Adjustable Rate Mortgages)

If you are a US military veteran and you are interested in building a home then the One Time Close VA Construction loan is the loan for you. We will help to request your Certificate of Eligibility form the Veterans Administration on your behalf and pre-approval you for your next home.