Where can I find a lender who will approve a VA construction loan for a multifamily house?

2020-10-19T12:28:04-04:00

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?

Response by CPT Private RallyPoint Member made Oct 19 at 2020 3:34 PM

2020-10-19T15:34:43-04:00

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.

Response by PFC Teiana Po made Oct 22 at 2020 6:21 AM

2020-10-22T06:21:12-04:00

Great idea and great question.

Response by SGT Joshua Jones made Oct 22 at 2020 9:34 AM

2020-10-22T09:34:58-04:00

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.

Response by SPC Denise Townsend, MBA made Sep 19 at 2021 11:30 AM

2021-09-19T11:30:15-04:00

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.