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?

2020-01-27T10:50:58-05:00

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?

Response by SPC Richard Zacke made Jan 27 at 2020 4:59 PM

2020-01-27T16:59:53-05:00

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.

Response by LtCol Robert Quinter made Jan 27 at 2020 7:23 PM

2020-01-27T19:23:48-05:00

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

Response by PO1 Randy Walker made Sep 15 at 2021 9:23 PM

2021-09-15T21:23:59-04:00

From my understanding you can have two VA loans.

Response by SPC Denise Townsend, MBA made Sep 19 at 2021 11:14 AM

2021-09-19T11:14:55-04:00

A lender with BofA just told me I would have to refinance the home under a VA loan after it was built.

Response by SFC Casey O'Mally made Sep 19 at 2021 11:20 AM

2021-09-19T11:20:45-04:00

You *can* have two VA loans at the same time. The requirement for a new VA loan is that you will live in the place as you PRIMARY residence.

If you are moving to FL this should be do-able. If that is a vacation or rental home, not so much.

Response by Maj Diane Varni made Oct 22 at 2021 8:43 PM

2021-10-22T20:43:48-04:00

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.

Response by PV2 Private RallyPoint Member made Oct 21 at 2022 12:49 PM

2022-10-21T12:49:57-04:00

To find out if you have the opportunity to take out another loan for real estate, you need to either go to the bank or your lender and ask him these questions. He will understand your whole situation and give you an accurate answer to this question. Or you should contact a specialist who will make sure that you can get another loan for real estate in any case. For example, I couldn't even get a mortgage for myself at one time because of some problems. But fortunately, I found this agency -- Mortgage Broker Northampton (https://coventrymoneyman.com/mortgage-broker-northampton/). I then contacted a mortgage agent who helped me get all the necessary documents for a house.

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