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Active Duty/Veteran Construction Loan - Detail verified 08/20/10 Last Updated 04/16/08

Program Overview

Active Duty/Veteran Construction Loan - Detail verified 08/20/10 Last Updated 04/16/08 is a program in which the VA is authorized to guarantee loans to eligible veterans to construct a residence to be owned and occupied by the veteran as a home. 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 $417,000.

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 $417,000.

Benefit Details

This program allows the VA to loan guaranties to servicemembers, veterans, reservists of the national guard and qualifying unmarried surviving spouses for the purchase of homes, condominiums and manufacturered homes and for refinancing loans. VA requires a downpayment 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: 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 VA Loan Limit is $417,000.

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