Does anyone know if it's possible to get a VA loan for a new construction build on a 4 unit multifamily? I'm looking to have the lender lend money for the purchase of the land and then draws for construction. Any lender in mind?
Hi Brandon, did you find anyone...I am search of the same exact thing.
I'll jump in - the VA does allow for construction loans but remember the VA only guarantees the loan, they're not the underwriter. A bank that does VA loans is the actual underwriter. The bank makes the call on whether to do the 0% down VA or not.
The other option is to get a construction loan, build the place, then move to a VA loan from there.
@Brandon S. not sure about VA loans but there are lenders who will loan on new construction with 10% downpayment of total costs (purchase price + construction).
@Brandon S. yes the VA does cover new builds. You have to just find a VA lender that will back the build.
Check out VA Circular 26-18-6, this will will give you the specs on the loan process.