Wanted to add to this. Chapter 7 Topic 2 section B. Looks like we can be our own GC "The Veteran may choose their own builder and a VA Builder ID must be obtained prior to the issuance of the Notice of Value (NOV). The Veteran may act as their own contractor or builder, and VA Builder ID is not required in these cases. Refer to Chapter 10 for additional information."
Great info guys! Thx, appreciate it! May be getting a hold of 1SG soon about land with construction loan; either new build, or modular, or maybe a barndo in NC..👍🙏
If we the parents already have land over 20acres, can our sons use their va loans to build a home on the land? Its unresticted so we can have as many home on the land as we want
Lenders will limit you to having one building per legal description. (Technically, there could be some work arounds for this, but you would be looking at unique types of loans that will increase your lending costs.) But with VA, you would want to have a single home per legal description, which would require you to 'split' your property. I would talk to your local township/city/municipality to determine what the requirements may be for splitting your property. If you currently have a mortgage on your property you will need to get a 'partial discharge' in addition to the split of the property.
One thing that you never mention is the interest rates. Most Construction Loans are higher than a regular 30yfr... What is the typical rate above a normal VA 30YFR? Are you able to do 2:1 Buy Downs? Or 321 Buy Downs?
It is difficult to discuss rates because they change on a daily basis AND each lender has a different rate structure that applies to their individual lending criteria. If you are looking for rate information, the best advice I can give is to reach out to the lender you are considering using for your const/const-perm loan and review with them directly. Same applies to the 2:1 buydowns -- this can vary by lender. However, based on my experience, any type of buydown product is pretty unusual for a true construction/draw loan so if you happen to find one it may end up being a good value!!!!
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This was great John! Looking forward to episode 2 !!
Excellent and wonderful news,thank you 🎉 I'll be joining soon
2007 I brought 10 acres of land in a rural area put in an electrical meter petal and well with a personal loan.
Wanted to add to this. Chapter 7 Topic 2 section B. Looks like we can be our own GC
"The Veteran may choose their own builder and a VA Builder ID must be obtained prior to
the issuance of the Notice of Value (NOV). The Veteran may act as their own contractor or
builder, and VA Builder ID is not required in these cases.
Refer to Chapter 10 for additional information."
True! I think that was recently updated in the handbook. hopefully he can correct this. It's pretty cut and clear in the handbook
Wow, answered all our questions looking to do this soon
Great info guys! Thx, appreciate it! May be getting a hold of 1SG soon about land with construction loan; either new build, or modular, or maybe a barndo in NC..👍🙏
@@TheDonutman44 - very welcome!!
Trying to reach Russ. Wife and I are ready to build.
@@LivingLifeLOA - if you want to send us your contact info I would be happy to forward it to him.
www.mykalamortgage.com/contact
not having any luck getting in contact with anybody
@@LivingLifeLOA - please feel free to call my office directly 734-433-0922
If we the parents already have land over 20acres, can our sons use their va loans to build a home on the land? Its unresticted so we can have as many home on the land as we want
Lenders will limit you to having one building per legal description. (Technically, there could be some work arounds for this, but you would be looking at unique types of loans that will increase your lending costs.) But with VA, you would want to have a single home per legal description, which would require you to 'split' your property. I would talk to your local township/city/municipality to determine what the requirements may be for splitting your property. If you currently have a mortgage on your property you will need to get a 'partial discharge' in addition to the split of the property.
@jonmykala ok males sense, thank you for responding
Ok. I have an existing convential loam but want to purchasr land and build a home woth my VA. Sputh Carolina. I listened to the bull😮
Literally wanted to use this last year and was told by several it wasn’t possible since Covid
@@SGTSmithBrown - most certainly is available!!
One thing that you never mention is the interest rates. Most Construction Loans are higher than a regular 30yfr... What is the typical rate above a normal VA 30YFR? Are you able to do 2:1 Buy Downs? Or 321 Buy Downs?
It is difficult to discuss rates because they change on a daily basis AND each lender has a different rate structure that applies to their individual lending criteria. If you are looking for rate information, the best advice I can give is to reach out to the lender you are considering using for your const/const-perm loan and review with them directly.
Same applies to the 2:1 buydowns -- this can vary by lender. However, based on my experience, any type of buydown product is pretty unusual for a true construction/draw loan so if you happen to find one it may end up being a good value!!!!
I’m in Nevada
30 acers