FHA Loan Limits are specific to your county.
Check your county loan limits here.
Conforming Loan amounts up to $806,500 | FHA Loan Limits are specific to each Florida County
Check to See Florida FHA loan limits here
If you’re a veteran or active-duty service member with a dream of building your own home, you may be unsure where to start. Thankfully, your VA benefits provide a simple solution that extends beyond traditional purchase loans, offering options to finance both the construction and affordability of the home you envision.
A VA Single Close Construction loan allows you to use the benefits you’ve earned to make your dream home a reality. This loan streamlines the financing process by combining the construction and long-term mortgage into one loan—saving you time and money. Plus, it eliminates the need for a down payment.
By leveraging your VA benefits, you can confidently begin your home-building journey with the convenience and accessibility of a VA Single Close Construction loan.
Our Veterans Administration (VA) single close construction loan is a popular choice among veterans and individuals with military involvement, offering an accessible financing option and a simplified process for paying for and building a home.
To make financing more accessible and beneficial for those with military ties, the U.S. Department of Veterans Affairs (VA) provides insurance for VA single close construction loans.
Thanks to the government backing by the VA, these loans come with competitively low interest rates, and borrowers are not required to make a down payment.
With a VA single close construction loan, you can secure financing for the purchase of your lot, the construction of your new home, and the long-term mortgage needed to afford your home once it is completed.
The streamlined process allows you to close on your home loan just once, eliminating the need for multiple loans at different stages of the construction process.
By qualifying once, you benefit from a single appraisal, loan origination and closing process. This not only reduces the overall time it takes to build and move into your new home but also provides protection against unforeseen circumstances and saves you from incurring double or triple closing costs.
Considering the complexities involved in home construction, where many moving parts come into play, single close construction loans are designed to simplify the process and make it more manageable for individuals seeking to build their dream homes.
Features and Benefits:
• 0% Down Payment for Veterans on Primary Residence Only
• 640 Minimum credit score
• Rate can be locked at any time during the loan application/process
• Simple and flexible draw process. Funds are released based on the percentage of work completed by the Builder / Contractor in the construction period
• Existing land loan can be consolidated into new construction loan
• Consolidate construction and purchase for only one set of closing costs and fees, loan type and term available in 30-year fixed term only
Interest Rate Float Down:
The interest rate at closing will serve as the permanent financing rate unless the loan qualifies for a float-down adjustment during modification to permanent financing. This allows borrowers to secure a lower final rate after the float-down process.
The current market rate is defined as the lowest available rate for the same cost basis as the note rate for the selected product.
If eligible for an interest rate float-down at loan modification, a float-down rate adjustment [ minimum of 1/8 of a basis point ] will be applied to the current market rate.
Eligibility for an interest rate float-down is determined as follows:
Existing Land Loan
Our construction-to-permanent loan enables you to finance both the land purchase and home construction with a single loan. It simplifies the process by allowing you to merge your current land loan into the construction financing, eliminating the need to manage two separate loans.
Eligible Properties Include:
• Stick Built Homes
• Modular Homes
• Detached Condominiums
New Construction Program Requirements:
• Maximum Construction Period is 11 months
• If property is in Wetlands, A Wetlands Certification issued by a local authority and recorded is required
• Minimum Loan Amount of $200,000
• Builder must be approved
Not Permitted:
• No Judgments with an outstanding balance; must be satisfied/paid
• No Self-Builds, Self-Help, Sweat Equity are permitted
• No Manufactured homes, 2-4 Unit Homes, attached Condos or Condotels
Let’s build your Florida dream home together. Our Mortgage Experts specialize in home construction loans and work with you and your builder from application through completion of your new home. We handle all draws and inspections during construction.