VA construction loan for small multi-family

6 Replies

Hi everyone, I'm reaching out to see if anyone has had any success in finding a lender in Washington State that will finance a VA construction to permanent loan for a 2-4 unit small multi-family.

I'm looking to construct and house hack/owner occupy one of the four units and would rather use my VA loan if possible. Anyone out there know of anyone or have been able to accomplish this yourself in WA? If so, who did you go through for lending?

Thanks guys for your time

How much is your renovation cost/budget expected to be? You may need to look at multiple loans i.e a first and a second. Also the 203k may have a VA provision or some like kind product. Might need to start with an SFR and add an ADU.

@Dustin Allen , Thanks for the referral.  I'll give them a try.

@Pavan Sandhu , I'm in the beginning phases of looking into development costs as this is my first rodeo on new construction. I was originally looking at just purchasing an existing 4plex with my VA loan and was pre-approved for somewhere in the 980k range. I'm not sure how much of that amount would correlate over to a construction loan, maybe a lower amount due to risk? Either way, I'm only starting to get estimates back from a couple of builders and none have stated that they'd build me anything larger than a duplex at the moment.

Thanks David, we need to chat again soon!
Hey Otto, I am in Washington state and house hacking a triplex that needed some serious repairs at purchase. shoot me a message and lets have a phone call!