Va otc (one time close) Construction Loans

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A VA One-Time Close loan (OTC), also known as a VA construction-to-permanent loan, allows qualified and fully eligible active duty, National Guard, Reservists, and veterans to use one loan to finance both the construction (including the land) and the mortgage at the same time. While still being 0% down!

You do not have to be a current landowner. If you own your land, lot equity can be rolled into the loan. If you have a lien against the land, it is paid off and rolled into the new loan.

If you do not own land yet, you can buy it under contract, and it will be paid off at the VA One-Time Close construction loan closing date.

Begin the home buying journey on the right foot by securing a clear mortgage plan. Having a solid financial strategy in place will ensure that your home search is guided by practical considerations, rather than emotions alone.

What state is the property located in?

Do you own the property where the construction will take place?

What type of loan are you interested in?

What is the estimated cost of the project?

$

What is the anticipated loan amount you are seeking?

$

Do you have a contractor for the project?

Do you have architecture plans for the project?

Do you have a budget and timeframe for the project?

What will the property be used for after construction?

Have you undertaken any construction projects before?

What is your estimated credit score?

What is your gross annual income?

$

Do you have any additional financing sources for this project?

Are you eligible for military benefits?

What is your full name?

What is your email address?

What is your cell phone?

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NEXT

Getting pre-approved for a home loan is the crucial first step in your home buying journey. Here's why:

  • Know your budget - Pre-approval gives you an idea of what you can afford, allowing you to make informed decisions when shopping for a home.

  • Be a competitive buyer - Having a pre-approval letter shows sellers that you're a serious and committed buyer, making you stand out in a crowded market.

  • Streamline the process - The pre-approval process helps you identify any potential roadblocks early on, allowing you to address them before you find the home of your dreams.

  • Negotiate with confidence - Knowing that you have financing secured gives you the confidence to negotiate the best terms and price for your new home.

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© Copyright 2024 | UMortgage | All rights reserved.