Build Your Dream Home with a Streamlined Process From Pure Funding: VA One-Time Close Construction Loan

The VA One-Time Close Construction Loan is a financing option specifically designed for veterans to build their ideal home. Pure Funding simplifies the traditional construction loan process by combining both the construction loan and permanent mortgage into a single loan with one application, one approval, and one closing date.

Key Benefits:

• Simplified Process: Eliminates the need for two separate loans, saving you time and paperwork.

• Locked-in Interest Rate: Lock in your interest rate at the time of approval for peace of mind throughout the construction phase. Depending on the market a 1 time float down could be used to lower the rate further.

• No Mortgage Payments During Construction: Focus on your new home without the burden of monthly payments until the project is complete and the loan converts to a permanent mortgage.

• Reduced Closing Costs: Pay closing costs only once, compared to twice with a traditional construction loan.

• Potential for Zero Down Payment: Qualified veterans may be eligible for 100% financing, eliminating the need for a down payment.

Here's How it Works:

1. Apply and Get Approved: You'll submit a single application for the entire loan amount, including construction costs and permanent financing. The VA will have specific eligibility requirements you'll need to meet.

2. Construction Phase: Once approved, the lender will issue a loan commitment that guarantees the funds for construction. The funds are then released in draws based on the progress of the construction project, verified by a qualified appraiser.

3. Conversion to Permanent Loan: Upon completion of construction and a final inspection, the loan automatically converts to a permanent VA mortgage. You'll then begin making regular monthly payments based on the agreed-upon terms.

Additional Considerations:

• Eligible Property Types: This program is typically limited to single-family homes, including site-built, modular, or manufactured housing, max 10 acres.

• Land Acquisition: The VA One-Time Close Construction Loan can be used to finance both the land purchase and construction costs.

• Builder Requirements: Your builder must be an approved builder to ensure they meet the program's construction standards. This is important to ensure the quality of the work and the builder is able to manage the draw process.

Is a VA One-Time Close Construction Loan Right for You?

If you're a veteran considering building your dream home and want a streamlined financing process, the VA One-Time Close Construction Loan could be an excellent option. For further information and to determine your eligibility, consult with a Pure Funding Loan Originator who can guide you through the specific requirements and application process.