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Corker Custom Homes extends the highest gratitude for your service. As a veteran-owned company, we understand the significance of the decision to establish roots and build a home. Here we’ll provide valuable information for our veterans, service members, and their spouses interested in utilizing VA loans for custom homes in Texas.
It’s important to note that we are not mortgage lenders. We always advise consulting with a qualified mortgage loan officer for specific inquiries regarding VA loan qualification or application.
You can obtain a VA loan for custom homes from a private lender but it is partially guaranteed by the Department of Veterans Affairs. This guarantee offers numerous benefits, such as no down payment, low-interest rates, no private mortgage insurance (PMI), and low closing costs. It is essential to recognize that not all lenders are VA lenders, and although the VA does not require a down payment, some lenders may impose this requirement on certain borrowers.
Eligible Property Types
You can utilize a VA Loan to purchase various types of properties. You can choose a single-family home, a new-construction home, or VA-approved condos. Keep in mind, you can only use a VA loan for your primary residence. It cannot be used solely for investment properties or rental homes.
Building a new construction home using a VA loan can be done in two ways:
Before a VA loan for custom homes is approved, the home must meet specific criteria to ensure safety, security, and sanitary conditions for the borrower.
These requirements include:
Texas Limits on VA Loan for Custom Homes
There is no limit on how much you can borrow with a VA home loan in Texas. However, the VA will only guarantee, 25% of your loan.
The amount your lender will approve will depend on your financial history, down payment, and credit score.
It is always advisable to consult with a professional. Seek qualified mortgage loan officers or legal professionals who specialize in VA loans and are familiar with the latest regulations and laws specific to Texas. They will be able to provide you with the most accurate and up-to-date information regarding VA loans and home-building laws in Texas.