VA New Construction loans are financed by VA lenders such as Veterans Mortgage Group, on a regular basis. Usually the builder is required to carry the cost of the new construction until the home is completed. If you own the land of the home, the builder may not be willing to carry construction costs and you may need a bridge loan until a permanent VA mortgage is obtained. Veterans Federal Mortgage can assist in locating a VA approved builder in the county where you would like to build your home.
VA New Construction loan terms vary widely. A pure construction home loan will be short-term (6 months to 2 years) and will be replaced by another long-term VA mortgage upon completion. New home construction loans sometimes have reduced application and loan processing fees.
VA loans allow for no down paymentand a competitive interest rate.
VA Requires Compliance inspections on proposed construction. The inspections are to confirm that the home meets accepted standards of good construction and conforms to the plans and specifications in which the VA appraisal is based. The VA will try to assist in getting your builder to correct any defects in construction in which you have a valid complaint.
Specially Adapted Housing (SAH) is for veterans or servicemembers who have specific service-connected disabilities may be entitled to a grant from the Department of Veterans Affairs (VA) for the purpose of constructing an adapted home or modifying an existing home to meet their adaptive needs. The goal of the Specially Adapted Housing Grant Program is to provide a barrier-free living environment that affords the veterans or servicemembers a level of independent living he or she may not normally enjoy.