With VA construction loans, veterans can seize the opportunity to acquire land and construct their ideal home under the VA home loan program. The one-time close VA construction loan streamlines the process, enabling you to secure a lot or utilize your current one for building your dream home. Throughout the construction phase, veterans are alleviated from mortgage payments until the project reaches completion.
At our service, we extend VA construction loans of up to $1M without necessitating any down payment. For projects ranging between $1M and $2M, veterans can benefit from a modest 5% down payment. This means you can actualize your dream home while leveraging your VA entitlements, ensuring a seamless and affordable path to homeownership.
Eligibility and Benefits: Texas veterans eligible for VA benefits can apply for a VA construction loan, enjoying the hallmark advantages of no down payment requirements and exemption from private mortgage insurance (PMI). This is particularly advantageous in Texas’s diverse real estate market, offering a range of rural to urban settings for building a home.
Texas Veterans Land Board (TVLB): In addition to VA construction loans, Texas veterans should explore programs offered by the Texas Veterans Land Board (TVLB), an invaluable resource providing land loans, home loans, and home improvement loans exclusively for Texas veterans. While not directly related to VA construction loans, TVLB programs can complement the benefits of VA loans, offering additional financial options.
One-Time Close Loans: For Texas veterans, the one-time close construction loan is an efficient option, consolidating the construction loan and permanent mortgage into a single loan. This simplifies the process, reducing closing costs and locking in interest rates from the start.
Two-Time Close Loans: Alternatively, Texas veterans may opt for the two-time close loan, allowing more flexibility during the construction phase but requiring separate closings for the construction loan and the permanent mortgage. This option can be suitable for veterans seeking more control over the construction and financing phases.
Finding a VA-Approved Builder in Texas: One critical step for Texas veterans is selecting a builder registered with the VA. The Lone Star State boasts a vast pool of talented builders experienced in working with VA construction loans, ensuring that veterans can find a reputable builder to bring their dream home to life. The builder does need to be VA approved through the Department of Veteran Affairs. You can look up an approved builder by visiting VA Approved Builders
If your builder is not VA approved, we can assist your builder in this process by helping them obtain a VA Builder ID that is required in order to become a VA approved builder.
Navigating Texas Real Estate Regulations: Texas veterans should be aware of state-specific real estate and construction regulations, including zoning laws, building codes, and property taxes. Partnering with knowledgeable builders and real estate professionals familiar with Texas laws can streamline the home-building process.
Community and Support: Texas offers a strong community of veterans and military families, providing a support network throughout the home-building journey. Local veterans’ associations and organizations can offer advice, share experiences, and provide guidance specific to Texas veterans’ needs.
Texas veterans considering building a new home should explore the advantages of VA construction loans, leveraging this benefit to achieve homeownership. With the right preparation, understanding of the process, and support from Texas’s veteran community, building a dream home in the Lone Star State can become a rewarding reality.
CrossCountry Mortgage, LLC is not affiliated with or acting on behalf of or at the direction of the Veteran Affairs Office or any government agency. Certificate of Eligibility required for VA loans. NMLS License #3029 | MB.803095 | NMLS Consumer Access | CFPB
Sr. VP of Veteran Lending Specializing in Texas Vet & VA Loans NMLS ID: 336103
6601 Vaught Ranch Rd, Suite 101 I, Austin, TX 78730
**The advertised rates and points listed are subject to change at any time without prior notice and may not be available to all borrowers. These rates are predicated on specific assumptions and lending scenarios. The actual rate available to you can vary depending on your personal details, such as your credit score, the amount of the loan, your down payment, and our internal lending criteria. The rates provided are for a fixed rate mortgage, but they will differ depending on the loan term and property location. Additional rates, points, and loan terms might be available. Approval of all loans is contingent on credit and property evaluations. Property insurance is mandatory, and flood insurance might also be necessary.
Interest rates for the Texas Vet program are set weekly by the Texas Veterans Land Board and are subject to change based on when you lock your interest rate. Annual Percentage Rate (APR) represents the true yearly cost of your loan, including any fees or costs in addition to the actual interest you pay to the lender. Click HERE for an example.
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact CrossCountry Mortgage for current rates and for more information.
