Posted on: 26th Sep, 2006 10:10 am
I have a rather in depth question to put out there for the pro's. I recently purchased 2.5 acres paid cash for it and started construction on the new home. We have currently completed the shell of the house and it is under roof. We need to now look for a lender to complete the inside of the house. We are not sure in which way to go about getting a loan. There is not any current loans against the property or home. We do need a loan to complete the home. I have been looking into different loans and really can't find what we are looking for. Any help would be greatly appreciated. Also I am a veteran and have not used my VA loan could this be an avenue we should consider? I do know that you can use a VA loan for construction. Thanks for any and all help in advance.
Hi,
As a veteran, a VA loan is certainly a good option for you. These are long term loans having very low or zero down payments. Under this type of loan program, the Veteran Administration provides guarantee for a certain portion of the loan given by lenders for veterans who qualify as per the set rules.
Thanks
Colin
As a veteran, a VA loan is certainly a good option for you. These are long term loans having very low or zero down payments. Under this type of loan program, the Veteran Administration provides guarantee for a certain portion of the loan given by lenders for veterans who qualify as per the set rules.
Thanks
Colin
Hi,
You can view this article on VA loans for more information on the qualification criteria you will have to fulfill and other features of such loans: VA home loans.
Blue
You can view this article on VA loans for more information on the qualification criteria you will have to fulfill and other features of such loans: VA home loans.
Blue
Hi Guest,
A VA loan can be a suitable option as you are a veteran. But there is an alternative option like the construction loan which is later on converted to a long term home loan. Know more on Constructions loans at http://www.mortgagefit.com/discuss/about690.html and http://www.mortgagefit.com/discuss/constructionloan-permanent.html .
However, if you are interested in taking out a VA loan, check for the eligibility criteria at http://www.homeloans.va.gov/elig2.htm .
Please feel free to clarify your doubts.
Thanks,
Caron.
A VA loan can be a suitable option as you are a veteran. But there is an alternative option like the construction loan which is later on converted to a long term home loan. Know more on Constructions loans at http://www.mortgagefit.com/discuss/about690.html and http://www.mortgagefit.com/discuss/constructionloan-permanent.html .
However, if you are interested in taking out a VA loan, check for the eligibility criteria at http://www.homeloans.va.gov/elig2.htm .
Please feel free to clarify your doubts.
Thanks,
Caron.