FHA Loan Limits are specific to your county.
Check your county loan limits here.
Conforming Loan amounts up to $726,200 | FHA Loan Limits are specific to each Florida County
Check to See Florida FHA loan limits here
If you are a veteran or active duty service member and have the desire to build your own home, you may be unsure of where to begin. Fortunately, your VA benefits offer a straightforward solution that goes beyond traditional purchase loans, providing options to finance the construction and affordability of the home you’ve envisioned.
With a VA single close construction loan, you can leverage the benefits you’ve earned to bring your dream home to life. This loan option simplifies the financing process, saving you both time and money. It eliminates the need for a down payment and combines the construction and long-term mortgage into a single loan, streamlining the entire process.
By utilizing your VA benefits, you can embark on your home-building journey with confidence, knowing that a VA single close construction loan offers a convenient and accessible financing solution.
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
• 660 Minimum credit score
• Rate can be locked at any time during the loan application/process
• Simple and flexible draw process with no set schedules
• Consolidate construction and purchase for only one set of closing costs and fees, loan type and term available in 30-year term only
Eligible Properties Include:
• Stick Built Homes
• Modular Homes
• Multi-Wide Manufactured Homes
New Construction Program Requirements:
• Maximum Construction Period is 9 months
• If property is in Wetlands, A Wetlands Certification issued by a local authority and recorded is required
• Max Acreage Is 10 acres
• All programs are Fixed Rate Mortgages with 30-Year term
• Minimum Loan Amount of $200,000
• Contingency Reserve – Up to 10% for USDA
• No Judgments with an outstanding balance; must be satisfied/paid
• No Self-Builds, Self-Help, Sweat Equity are permitted
• Projected rental income on current residence CANNOT be used for qualifying purposes on new construction home
• No Single-Wide Manufactured Homes are permitted
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.