I hope this finds you well, and first off, thank you for visiting this special post. This blog post means a lot to me as myself and family have served in the U.S. Military. It takes a lot to raise your right hand to serve the country and we at Mountain Lake Mortgage have a great option for our veterans, so we can best serve you.
One of those options is a VA One Time Close Construction product that we can do with a refinance of land, or also a purchase of land. Some ways we help navigate this for you is first taking an application and establishing that you qualify for a land purchase or refinance of land to build on. Something that is important is to also start talking to a builder once you have an idea of what it would cost to build. This can help us approve you for what you need on the land and construction purchase, and or, refinance.
Some great benefits to the product are the 100% financing of the property, meaning that we can do the construction with 100% of the financing, and or the land with the construction can be 100% financed, meaning no down payment would be needed. Obviously, you could bring in a down payment if desired to lower the payment, but it wouldn’t be required.
The minimum Credit Score (FICO) is 580, for the product and is eligible for 1-4 units as well. The loan amounts are not to exceed $4M on this product. Some other great news is that no payments are needed during the construction period on any of the draws. So, if you are worried about renting and potentially building at the same time, with having to make payments while renting or living somewhere else, you can let that fear go.
This is just some basic information on this product and there is definitely a lot more that goes into it, such as builder approval, but know I’m happy to serve you on this journey and am just one call, or text, away at 406-260-7272. Thank you so much for staying for this blog and have a great day!
