- It’s possible to have one or more Va mortgage simultaneously. The maximum amount borrowed may be restricted, and you will a down payment could well be expected on a following Virtual assistant loan if you don’t pay off the present you to definitely.
The newest Va framework mortgage processes is much like the method to own an everyday construction loan, with many a lot more hurdles. The procedure generally uses such eight methods:
1. Show Virtual assistant financing qualifications. You might guarantee your own eligibility by making use of online to suit your Certification from Qualification (COE) otherwise filling in a great Virtual assistant Form twenty-six-1880 and you may sending it on nearest regional Va office.
2. Score preapproved having a good Va home loan. Once you’ve discovered a loan provider that gives Va design financing, you will need to see Virtual assistant direction and you will minimum home loan requirements:
- Credit history.