How a VA Single Close Construction Loan Simplifies Building Your Home
Constructing your ideal home as a veteran or current service member can be made easier and more affordable with the use of a VA single close construction loan. This government-backed loan option allows you to finance the purchase of land, the construction of your home, and then flip to a permanent mortgage in a single loan and closing which makes the borrowing process easier by limiting paperwork, multiple appraisals, and multiple closings, as well as helping you save on your overall closing costs. This loan option also has competitive rates and does not require a down payment, making it more accessible and help make the home building process less complicated. What is a VA Single Close Construction Loan? A VA single close construction loan is a mortgage product that the U.S. Department of Veterans Affairs financially insures, and is for veterans, active duty service members, and eligible surviving spouses. In this product, the borrower will not have separate financing for constru...