Program: Active Duty/Veteran Construction Loan
Detail Verified 10/23/17 - Last Updated 7/28/17
Active Duty/Veteran Construction Loan is a program in which the Veterans Administration (VA) is authorized to guarantee loans to eligible veterans and certain surviving spouses to obtain, retain and adapt a home and to refinance their loan. The home must be owner occupied. The no down payment loan may include simultaneous purchase of the land on which the residence is situated or will be situated.
This program is available nationwide for a loan limit of $424,100.
Who is Eligible for this Program?
Must be an eligible veteran who has available home loan entitlement, loan must be for an eligible purpose, must occupy or intend to occupy the property within a reasonable period of time after closing, must have enough income to meet the new mortgage payments, cover the costs of owning a home, take care of other obligations and expenses, and still have income for family support and you must have a good credit record.
Is this program for first time buyers only?: No
Property Eligibility Requirements
Available in all areas.
The sales price cannot exceed $424,000.
This program allows the Veterans Administration (VA) to loan guaranties to service members, veterans, reservists of the National Guard and qualifying unmarried surviving spouses for the purchase of homes, condominiums and manufactured homes and for refinancing loans. Commissioned Officers of the Public Health Service and National Oceanic and Atmospheric Administration are considered to be active duty members and veterans, once discharged. VA requires a down payment for a home or condominium when the purchase price exceeds the appraised reasonable value of the property or the loan has a graduated payment feature.
Benefit: Veterans Administration (VA) guarantees part of loan, mortgage with competitive interest rate and no down payment.
Loan Term: 30 years
Homebuyer Counseling / Education Required: No
Owner Occupancy Required: Yes
Other Program Comments: Maximum Veterans Administration (VA) Loan Limit is $424,100.