Key Army Builder4/15/2021
By clicking the Apply Now button and submitting your information, you agree to receive emails, phone calls, andor text messages from Security America Mortgage at the number provided.But because of your military background, you have extra options that others dont.
You have access to VA home construction loans that offer nothing down and additional perks and benefits. As an added bonus, the VA provides coaching and resources should your finances change during the course of the loan. This way you can come out on the other side with both your finances and security intact. This is an upfront fee equivalent to a percentage of the price of the home. Once eligible, (register for a certificate of eligibility or COE) you can apply for and close on one loan which covers every stage of home-building. Commonly, its more difficult to get a construction loan than an existing home loan, as lenders are more cautious funding a home that doesnt exist yet. Sometimes construction stretches out longer and plans fall through, making it a higher risk investment. Because of these factors, you usually end up applying for two separate loans: one short-term construction loan and one home loan upon completion. Then, youll search for a lender who can craft a loan plan starting as a non-VA construction and ending as a typical VA home loan, merging the two, separately-applied for loans. We offer a single-close VA construction loan that covers every step of the process, from land purchase to finished VA home loan without money down before, during, or after construction. In actuality, construction and home loans are two separate entities. The construction loan is usually short-term around 12 months to get you through the building stage. The builder will draw money from the lender in increments, and you will make monthly loan payments, keeping in mind theyre only interest payments. When your house is finished, you stop paying the construction loan and roll over to monthly mortgage payments, which is whatevers left on the construction loan balance. You can find information on the list of VA-registered builders on the. Fortunately, builders arent actually approved by the VA, so theres no application process. Its important to go through each option to make the best decision for you. If youre interested in an easy, all-in-one construction loan, start the VA loan application process today. Security America Mortgage NMLS 355253 is licensed under the laws of the state of Texas view legal and complaint procedure. This is a private website that is not affiliated with the U.S. U.S. Armed Forces, or Department of Veteran Affairs. U.S. government agencies have not reviewed this information. All rights reserved. Security America Mortgage is licensed under the terms of the Nationwide Mortgage Licensing System and Registry Nmls 355253.
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