Articles, Updates, and Guidelines

September 29, 2020Comparatively speaking, buying an existing home is a faster process than building on your own land. But a VA construction mortgage gives you the ability to approve the design for your home, which makes the wait worth it for many borrowers. What do you need to know about this process?

September 2, 2020The biggest hurdle for some home buyers is the down payment. VA construction loans allow zero down, and borrowers who receive or are eligible to receive VA compensation for service-connected disabilities are allowed to apply for an exemption to the VA loan funding fee.

August 12, 2020What is the base home sale price? If you are interested in building a home on your own lot using a One-Time Close construction loan, this is a term you should be familiar with; construction loans are different from purchase loans for a variety of reasons but one big one is how the cost of the mortgage is calculated.

July 10, 2020Sometimes half the battle in deciding what type of home loan to apply for is knowing what you really want out of your home. As in, do you need a home designed and built from the ground up on your own lot instead of purchasing someone else’s house?

June 16, 2020Did you know that even as a first time borrower, you may be eligible for a One-Time Close construction loan that allows the borrower to build a home on their own lot rather than buying an existing house?

May 21, 2020The FHA One-Time Close construction loan, the VA equivalent of it, USDA construction loans, and even conventional construction mortgages all have features that make them different than existing construction loans.

May 4, 2020FHA home loan rules in HUD 4000.1 include a section titled “Building on Own Land”.  Are you interested in having a house built for you on your own lot instead of having to choose from existing construction housing?

April 22, 2020Is there really a construction loan that lets you build a house on your own lot with no loan limit? Believe it or not, such a loan DOES exist. It’s the VA Construction Loan, which can be offered as an OTC mortgage featuring only one mortgage application and loan closing date.

April 15, 2020There are VA, FHA, and even USDA One-Time Close loans, and whichever type you choose, you have the advantage of a government-backed mortgage with a lower down payment requirement (3.5% minimum) than non-government-backed mortgages.

April 11, 2020One-Time Close loans are offered to qualified home buyers (first-time buyers or experienced home owners) who want to build a home on their own land. One-Time Close (OTC) mortgages allow you to build from the ground up instead of buying an existing home.