I remember the video and I shouldn't have listened to you. Got myself into a live in renovation home instead of building and it's been a nightmare.
@robertwilliam865
2 ай бұрын
You saying you wish you torn it down and start fresh?
@Splenda2021
Жыл бұрын
So cool you guys do this now and yes I remeber the day you didn’t
@lowvarates
Жыл бұрын
We hope we can help you if you ever need. Thanks for following our channel.
@robertbryan6189
Жыл бұрын
Thank for the information will contact you soon.
@lowvarates
Жыл бұрын
Looking forward to helping you
@JCJC-n5w
Жыл бұрын
Hello there I’m a bit confused I am a veteran I am trying to buy a piece of land and build a house on it I have called several banks and lenders in two different states there is absolutely no such thing as a VA one time close or a VA two time close each bank has a eternal program however what we found out is that you would have to put a percentage down for the land and the construction part meaning they do not utilize VA, FHA or conventional. For instance if the land you looking for is $60,000 the bank will cover and the most 85% and you have to put the remaining 15%, consider the fact that this does not include appraisal, and any additional fees. If you then buy the land you will have to put down at least 10 to 15% of that construction loan for instance if the house plan that you selected is $360,000 you would have to put down at least 50% of that amount and that does not include appraisal fees or closing. I confirm this information with all the banks and lenders we have been contacting and also a VA representative
@lowvarates
Жыл бұрын
There are absolutely one time close construction loans but if you want to acquire the land, you are correct, the VA does not do land loans. You could find a builder, who owns the lot and wraps the cost of the land into the final price of the house and build a custom home with that builder, that happens all the time.
@vicstalr
Жыл бұрын
Awesome video. Thanks man
@lowvarates
Жыл бұрын
You bet!
@mikehernandez7462
Жыл бұрын
That's good news cause i just asked manufactured homes sales person and they said i couldnt purchase land and manufactured home in one home.
@lowvarates
Жыл бұрын
awesome!
@GY6SCOOTERCHAT
Жыл бұрын
In the intro of you’re video you say you’re gonna tell us if the loan is a bad idea, but the title already says it’s not a bad idea 😂
@lowvarates
Жыл бұрын
Oops. It’s not a bad idea
@Shesrossana
Жыл бұрын
Hello there 😊 Thank you for your video it was really informative. I did have some questions. Bare with me here, if you get approved for ex: $800,000 loan, the cost of land is $95,000 and the cost of home construction is $529,000 the remaining balance of $176,000 can be used for “home upgrades” ? Such as in-ground pool, counter tops, flooring fixtures/finishes? Am I getting that right ? Also, I am located in California are you guys located here? If not would you be able to help us find a lender in this area ? Thank you 😊
@lowvarates
Жыл бұрын
These are great questions and YES we are in CA. Can you email russell.murphy AT Lowvarates.com but you know typed like a standard email address? He is our in house expert
@jermainebaldwin6327
Жыл бұрын
Can you add a in-ground pool to the build with this VA construction loan?
@lowvarates
Жыл бұрын
yes!
@robertwilliam865
2 ай бұрын
normally, how long is the va builder process to be approved ?
@Joey_Kubes_paclending
Жыл бұрын
If I own a house that I’m currently living in, would I have to sell it before closing? I would need the proceeds from the sale to put down on the new build.
@lowvarates
Жыл бұрын
yes it is called a simultaneous close and you would sell the home and close on the new one same day, but people do this all the time. Your purchase of the new home is contingent on the house selling
@springalot9820
Жыл бұрын
How does being 100% P&T VA Disabled impact the VA construction loan costs?
@lowvarates
Жыл бұрын
You would not have the VA funding fee to pay, that is the only thing that the disability rating will impact.
@chadd587
6 ай бұрын
I thought VA Co struction loans had free float down mirtgage rates. Am I wrong there? If you lock it in high and it lowers by conpletion you get the lower and if it rises you keep the locked in rate.
@lowvarates
6 ай бұрын
I believe you are wrong unless you heard something from a special deal a certain bank/lender was offering it.
@Crispy_Boii
9 ай бұрын
How could it be better to do dual close when the point in VA loan is zero down? Most builders in my area who are on the va builder list refuse to use VA Construction loan.
@lowvarates
9 ай бұрын
It is better normally for interest rate. The rates on dual close are better in an environment like the one we have today (due to rates coming down). If you do a one time close in a market when rates are coming down, you take a higher rate than what you would likely get when the build is over (in future rates will be lower)
@markafletcher2042
Жыл бұрын
Hi, could you post the link on how to look up VA approved "Construction to Permanent lenders" ? Thx
@lowvarates
Жыл бұрын
We do those loans. Please call us and ask for Russell Murphy.
@jwgosla08
Жыл бұрын
@@lowvarates Right, ya'll do the loans. But do you also provide the construction/builders to chose from?
@lowvarates
Жыл бұрын
@@jwgosla08 we can certainly assist you in finding builders that are approved for VA construction loans
@Splenda2021
Жыл бұрын
@@lowvaratescool
@tjpont2149
Жыл бұрын
Please clarify because im getting mixed info from lenders. At what point do you need to meet residency requirements? At closing (only about 2 months into the process) or at time of construction completion (a year and a half or so later)?
@lowvarates
Жыл бұрын
Completion of construction. How would you reside in a home that hasn’t even been finished yet?
@timhamlin1823
Жыл бұрын
This loan program is extremely difficult to work through. By the time the lender figured out the process, we re-qualified 3 times. Yes we locked before building began. The rest of our experience was frustrating. Do your homework!!! The builder is required to carry a significant portion of the debt all the way until the final inspection. If your builder doesn't understand this aspect of the process, they will not have funds available to get to final and you end up paying the bills from that point to closing. There is absolutely no "Do it yourself part of this process"
@lowvarates
Жыл бұрын
These are harder to do than traditional VA loans.
@chadd587
Жыл бұрын
Do you mean "do it yourself" as in labor? Are you not allowed to paint, trim, etc?
@lowvarates
Жыл бұрын
@@chadd587 that is basically the case yes. If you are a licensed contractor you may get some exceptions but I would not count on that.
@chadd587
Жыл бұрын
@@lowvarates is there a VA or FHA loan that would allow more work to be done by the homeowner? We might be going the construction route and I'm concerned they won't allow it.
@lowvarates
Жыл бұрын
@@chadd587 the FHA 203K rehab loan and the VA Renovation Loan
@9_of_9
Жыл бұрын
Can you refinance later if rates drop?
@lowvarates
Жыл бұрын
yes yes and yes. The VA IRRRL or VA streamline is what you would use.
@stevehowell1489
9 ай бұрын
We are looking to do a VA one time close construction loan but we plan on selling our current house and putting the proceeds towards the new house once construction is done. Can we do that with a VA construction loan with one time close?
@lowvarates
9 ай бұрын
I am pretty sure YES YOU CAN, but can you email us or call in and ask for Russ Murphy who is our in house construction specialist? Try emailing him at Russell do Murphy @ low va rates dot com. Of course that is to be typed the typical way
@orangeismedia
Жыл бұрын
Can I use my VA to buy a construction loan to build on a property I currently have a single family home on? Of course if I have the right permits? Can it be a quadplex? Can it be a tiny home? Can it be a quadplex tiny home?
@haykandell
Жыл бұрын
no you cannot do that with a VA loan, I am sorry
@lowvarates
Жыл бұрын
Not with a VA loan, I am sorry.
@jessealexander3236
Жыл бұрын
Do you have to pay interest while building? Do you guys do jumbo one time close?
@lowvarates
Жыл бұрын
The interest accrues during the build in most cases and then it is paid off after construction either with the "take out" loan if not doing a one time close or was already calculated in the one time close costs. I will need to check to see what our loan limits are with the one time close but you can call our office and ask for Russ Murphy, make sure to get him, he is our one time close expert.
@angelc.7673
Жыл бұрын
Could you build a multi unit either duplex or triplex with this vA one time close loan?
@lowvarates
Жыл бұрын
Currently no just a single family
@durtydeedsREI
7 ай бұрын
Why did you guys stop making videos?
@lowvarates
7 ай бұрын
Dennis, man we loved making these and we will be back better than ever soon. Interest rates have killed the mortgage world and the cost to produce these when volume has been so low was not justified, but man do I love that you are asking this. Must mean you liked them. We will be back, but until then, let us know if we can help on anything.
@sterner1304
Жыл бұрын
I am interested in a va consultation loan and would like more information about this please.
@sterner1304
Жыл бұрын
Construction loan
@lowvarates
Жыл бұрын
Please call us toll free 888-657-2848 and ask for Russel Murphy
@bryanttune9590
Жыл бұрын
Can I purchase land (100+ acres) and build a home a the same time with a VA Construction loan?
@lowvarates
Жыл бұрын
Yes! Buying land with a VA loan is possible, but it must be done simultaneously with constructing a new home. You can't use a VA loan to purchase land by itself - even if you intend to build a home later.
@ericrodriguez2762
Жыл бұрын
Great Video! I’m very interested in this . I live in west palm beach fl. Can you please help me find someone who can help. Thank you
@lowvarates
Жыл бұрын
Absolutely! We have a couple loan experts who are ready and willing to help you! Please email kristen.volker@lowvarates.com and we can get you set up with one of our professionals!
@ericrodriguez2762
Жыл бұрын
@@lowvarates thank you
@cameronduvall3863
8 ай бұрын
Multi unit with the veteran living in one allowed?
@lowvarates
8 ай бұрын
Yes, that is allowed.
@katrinalacy6897
Жыл бұрын
How much are the limits?
@lowvarates
Жыл бұрын
Sorry, limits on what please?
@emmanuelalexandre9843
Жыл бұрын
Can you use this on a multifamily house?
@lowvarates
Жыл бұрын
Yes on a DUPLEX but not on a Tri or higher. No multiplexes
@emmanuelalexandre9843
Жыл бұрын
Thank you. Great information
@guyreynolds7567
Жыл бұрын
Do you have an email address for deployed veterans?
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