Are you considering hiring a trusted mortgage broker? HomeLander Mortgage can help. Whether you are considering a purchase, building a home, renovation, or refinance, we have got you covered. HomeLander Mortgage's diverse loan options provide the support you or your loved ones need to become a homeowner. For more information about our home loan options, do not hesitate to schedule an appointment with us today.
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VA Loans are available to veterans who have served in the armed forces, reservists/national guard, or an eligible surviving spouse. The Department of Veteran Affairs insures these types of mortgage and loan products.
Borrowers must have a Certificate of Eligibility (COE) issued to them, which proves they officially meet the minimum military service requirements. Additionally, this type of loan is only available through specific VA-approved lenders. With the VA guarantee, lenders are protected against a percentage of the loss if the borrower defaults.
A VA loan is most commonly used for home purchases, but it can also be used as a construction loan program when building a home from the ground up. Borrowers can also use the loan to purchase an existing home and renovate it.
VA one time close construction loans are advantageous as they often include:
No down payment
Low interest rates
No mortgage insurance required
Veterans and service members can qualify for a VA construction loan with a credit score as low as 620 and a higher debt-to-income ratio than allowed for a conventional construction loan.
Many veterans are also exempt from paying the VA funding fee with a service related disability.
A VA construction loan is paid out in installments to the builder as various milestones in the project are met during the construction process.
VA registered builders can be used with the VA construction loan program.
In 2022, the latest guidelines include that borrowers need to meet the following guidelines.
While VA guidelines do not specify that borrowers have a minimum credit score, the VA one time close construction loan does require the veteran to have at least a 620 minimum credit score to qualify.
Borrowers’ debt-to-income ratio (DTI) can be flexible if the veteran meets the VA residual income guideline.
Borrowers need to meet income requirements based on family size.
Property requirements include:
The finished home must be used for the veteran’s and/or family members’ primary residence.
Eligible property types are single-family homes, modular, and multi-width manufactured homes.
The total loan amount for construction costs/the permanent mortgage must not exceed the county loan limit of $647,200 set for 2022.
As the VA doesn’t lend money directly, borrowers need a lending institution that offers the VA loan program. HomeLander Mortgage can help with your VA one time close construction loan.
For more information on how the process works, please visit HomeLanderMortgage.com. HomeLander Mortgage specializes in these types of loans and is able to navigate the process. Schedule a call to begin the process at Toll Free (888) 606-1415 or Direct (512) 717-5956 or email: contact@homelandermortgage.com.
In Queensland, the first home owner grant is a government initiative to help new homeowners purchase their house.The First Home Owner Grant in Queensland was created so that aspiring owners can afford houses.
Designed for young families and entrepreneurs who are making an investment in themselves by purchasing property to start up their own business or raise a family, this program provides many benefits including tax deductions of $10,000 with no repayment obligations while qualifying applicants must have lived outside the state at least one year prior to applying for qualification purposes.For more information on first home owners grant, you can talk to a mortgage broker in Queensland.
