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
- 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
- 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.