Posted on Oct 19, 2020
Where can I find a lender who will approve a VA construction loan for a multifamily house?
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I have been trying to use my VA home loan to buy land and build a 4plex. I have been running around for about 2 years now and have yet to find any lenders who will work with me. It is not me, I have 800+ credit score and a good job. The VA specifically outlines what I want to do as ok. Still, I can't find a lender who does construction loans for a 4 plex. Does anyone know of any lenders who would let me use my VA loan to buy land and build a 4 plex?
VA Loan
Construction
Loan Officer
Home Loan
Posted >1 y ago
Responses: 4
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So, A little update, I have searched high and low, but there doesn't seem to be a lender anywhere in the Country that does these types of projects. I spoke with a lawyer who does Grants and he gave me some idea on other resources to look into.
SPC Denise Townsend, MBA
Let me know know how you figured it out, I'm curious about how to go about getting this done as well.
Looking on the VA's website I don't see a pathway to a "Construction" loan. I'm not saying there isn't. I just can't find it.
That being the case, perhaps a way to game the system would be to bite the bullet and build with whatever financing you get secure, and then once COMPLETED refinance through the VA as a straight up residential structure.
That being the case, perhaps a way to game the system would be to bite the bullet and build with whatever financing you get secure, and then once COMPLETED refinance through the VA as a straight up residential structure.
If you don't mind sharing your idea on how to build the 4 Plex, I'm interested in the same thing. Thanks in advance.
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I have not had any luck, The market has caused banks to withdraw. They are more than willing to give me a lot of money for a house, enough in fact to build a 4 plex, but not for the 4 plex itself. I am still knocking on doors, but your best bet right now is to find an existing one that meets the VA criteria an buy one.
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I have not had any luck, The market has caused banks to withdraw. They are more than willing to give me a lot of money for a house, enough in fact to build a 4 plex, but not for the 4 plex itself. I am still knocking on doors, but your best bet right now is to find an existing one that meets the VA criteria an buy one.
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