Thinking of building a home and wondering if you can use a VA home loan for financing? If you are a veteran then you may have this option available and getting a new home built may be easier than you think.
Basic requirements:
o Serve or have served in the US Military, Reserves or National Guard
o Have an honorable discharge status
o Have qualified Service Time Requirements:
o 90 or more days active duty service during active wartime
o 181 days or more of active duty service during peacetime
o Currently active duty service and meet the 90 or 181 days requirement
o Non-remarried surviving spouse of veteran who died during service or because of service related injuries
o Are approved for your credit score and can verify employment
Additional guidelines for getting this loan in order to build a new construction home are:
o There must be a warranty on the home
o The builder being used must be a "VA-approved" builder-consult with a VA home loan specialist to find a VA approved builder
o Builder must posses Valid Va Builder identification number
o If your builder does not have a valid Va Builder ID # and you want the benefits of this loan, your mortgage professional can help get your builder approved.
o New construction must meet additional inspection requirements
o New home must meet accepted standards of good construction
o New construction must fit specifications and plans, which the loan appraisal is based on.
(The following 3 items must be filled out and submitted to VA prior to VA home loan notice of value being issued)
1. Builder information and certification form
2. Va form 26-421 Equal Employment Opportunity Certification
3. Va form 26-8791 Va Affirmative Marketing Certification
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