Helping Veterans Secure Construction Loans
VA Construction Loan Solutions
Building a new home is an exciting and ambitious project, but financing it can be a challenge, especially when it comes to the down payment. Traditional lenders often require a large chunk of money upfront, making it difficult for many people to get started on their dream project. This is where our VA construction loans come in! With zero down payment required, you can get started right away without breaking the bank.
Not a veteran? No problem! We also offer low 3.5% down payment FHA loans and traditional construction loans, so you can find the right financing option that fits your needs and budget. With flexible loan terms and competitive interest rates, we make it easy to get the funding you need to build your dream home.
No Money Down
Instead of typical downpayments of up to 30%
One Loan
Land, construction and mortgage in a single loan.
Close Once
No risk of becoming unqualified during construction.
Delayed Payments
No payments during construction.
About the VA Loan Program
VA Loan Program History
Following World War II, an increase in the number of veterans in the United States prompted Congress to enact a slew of new benefits for war veterans, the most significant of which was the World War II GI Bill, signed into law on June 22, 1944. The VA Loan Program, an outgrowth of the GI Bill, was established to assist more Veterans in achieving the American dream of homeownership. The United States Department of Veteran Affairs insures VA loans, making it less risky for lenders to make loans to those in the military. As a result, veterans with less credit history or lower credit ratings can obtain affordable rates and terms from lenders participating in the Veteran Affairs (VA) loan program.
What to Expect
VA loans are designed specifically for veterans.
- Easier Credit Qualification:Â While minimum credit scores vary depending on the loan, borrowers typically need a credit score of 640 or higher to get the best rates.
- No PMI Required:Â Unlike FHA and conventional loans with less than 20% down, VA loans do not require PMI.
- Expanded Eligibility: Most members of the military, veterans, reservists and National Guard members are eligible to apply.
- Reduced Timeframe: Active members qualify after six months of service.
I’ve worked with Jay Hurst on several loans. Jay is extremely knowledgeable and helpful, and was able to advise me on the options for my recent purchase. Great guy to have on your side, and great rates!
Hurst Lending was very easy to work with and stayed in constant contact with me throughout the loan process so I never had to wonder what the status of the loan was.
The Hurst Lending Difference
Funding Choices
Low downpayment options available.
Quick Decisions
With a quick closing and no red tape.
Great Rates
We offer some of the best rates available.
Problem Solving
Creative approaches for unique situations
Competitive VA Loan Rates
Our VA Construction Loan rates are competitive.
Frequently Asked Questions
Is it possible to roll the land loan into the construction loan?
If you already have a land loan and want to build on it, you must roll it into the construction loan.
What is the difference between a 1x close construction loan and a 2x close construction loan?
A 1x close construction loan combines construction loan and permanent loan financing into a single closing. When the house is finished, you are not required to refinance the construction loan into a permanent loan. A 2x close construction loan requires two closings: one for the construction loan and one for the permanent loan when the house is finished. Once the house is finished, you must refinance the construction loan into a permanent loan.
Can I use the construction loan to buy land?
Yes, you can combine the land purchase and the construction loan into a single loan with a single closing.
What is the minimum credit score for a construction loan?
A VA construction loan requires a minimum credit score of 640.
Can I pick any builder I want?
Yes, you can select any builder; however, there is an acceptance review process in place. We must approve the builder based on their years of experience, business size, and, in some cases, credit scores.
Can I construct my own home?
We do not currently offer any products that allow for self-built homes. On all of our construction loan products, we do require a separate, unrelated general contractor.
What is the minimum downpayment for a construction loan?
A VA construction loan requires no downpayment. Certain restrictions apply.
What types of homes can be constructed using a VA construction loan?
For single-family homes, we offer VA construction loans. We do not provide construction loans for log cabins, multifamily dwellings (duplex or fourplex), or container homes.
Our Construction Loan Offerings
We streamline the loan process and offer you the lowest downpayment.
FHA CONSTRUCTION LOAN
With this program you can obtain a construction loan with just a 3.5% down payment.
CONSTRUCTION LOAN
We are one-time closing construction loan experts with just 10% to 15% down.Â
VA CONSTRUCTION LOAN
With this program you can obtain a VA construction loan with zero down payment.
About Hurst Lending
We have been helping our customers buy, sell, and refinance their homes since 2006. Our personalized approach to the home buying process includes a suite of services that solve common hurdles in the home buying process. Have you ever experienced the frustration of Losing your dream home in a bidding war; Trying to buy before you sell; Had your buyer fallout; or Being on a fixed income and needing your equity to purchase a new home? Our Industry-leading suite of Dominate with a Cash Offer line of credit/short term loans solves these issues. We also offer a suite of real estate investor loan products and a full suite of conventional, VA, FHA, construction and traditional home loans.
Over $1 Billion in Loans Funded
And we're just getting started!
We're Expanding
Offering loans in Alabama, Colorado, Florida, Georgia, Idaho, Iowa, Louisiana, Oklahoma, Oregon, Pennsylvania, Virginia, Texas and Washington.
