I'm a retired military vet and own 5ac of land in Texas. Been with USAA for 17yrs and I'm looking at my options to build my dream home. I completely understand the VA home loan process, but want to deal strictly with USAA for all financing. "Is This Possible?"
I'm at the begining so any support will greatly be appreciated. Bottomline, Does USAA deal in "constrction loans" or "new construction loans". I just want to build! HELP!
It looks like what your are asking is Does USAA do VA Construction Loans?
The answer is Yes. The two KEY things to know is:
1. Ask for a VA Construction Loan (not simply a Construction Loan or New Construction Loan).
2. The Builder MUST be "certified" by the VA.
Here is a quote from VA Pamphlet 26-7, Revised - Chapter 3: The VA Loan and Guaranty found here:
2. Eligible Loan Purposes
a. List of Eligible Loan Purposes
To purchase or construct a residence, including a condominium unit to be owned and occupied by the veteran as a home:
Here are some additional EXTERNAL LINKS which might answer your question.
I hope I have helped you.
There is a discussion thread about this topic located here:
However, I encourage anyone with specific questions and concerns about construction loans to call and talk to an expert! 1-877-314-2255 They will be able to answer any questions and provide you with the most up to date and relevant information for your situation!
Good luck building your home!
I just spoke with a mortgage expert and they said they only do construction loans for subdivisions with builders like Richmond, DR Horton, Pulte, etc. She specifically said I would have to go through a local lender to take out a construction loan for a new build on a lot of land that I purchase. But she did say that USAA would be more than happy to finance a mortgage after the contruction is complete.