Posted on Jan 27, 2020
If I already have a VA loan on my current house, can I use my VA loan eligibility to get a construction loan for a future home?
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I currently have a VA loan for my house in California. I just purchased property in Florida and want to build on the property 2024. Can I get a construction loan using my VA or do I have to wait for the house to be completed, then roll into a conventional loan?
Do I have to sell my house in California prior to getting a V
A loan for the house in Florida?
Do I have to sell my house in California prior to getting a V
A loan for the house in Florida?
Home Loan
VA Loan
Loan Officer
Posted 4 y ago
Responses: 7
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This is a change to VA rules and the answer it depends. They eliminated the caps but have some rules on usage with multiple loans. You need a great VA lender who is up on these changes. Even old rules could allow more than one VA loan under certain conditions.
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I'm not positive but I believe the anwser is NO. You can only use your COE one property at a time and it is suppose to be your primary SFR. You can always google it. Good luck.
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You can get a VA guaranteed construction loan that becomes a VA mortgage upon completion. During the construction phase, the VA sends inspectors out at various specific points in the process to certify the work is being accomplished according to VA specs.
I'm not confident in my currency for your second question. In 96, my VA loan on my previous home had to be paid off prior to my being eligible for another VA insured loan
I'm not confident in my currency for your second question. In 96, my VA loan on my previous home had to be paid off prior to my being eligible for another VA insured loan
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Maj Diane Varni
Only some lenders do VA Construction or Improvement Loans...so check before they pull credit. Not all loan officers or realtors are up on the changes.
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