Hello! I am considering using the VA loan to build a quadplex! Recently, I was preapproved for roughly $600,000. With this being said, I have reached out to a builder to get a good faith estimate of how much it would be to build a couple of generic blueprints. While I wait for that company's response I started researching zoning requirements and am solidifying where I could build a multifamily residential. But now I am stuck and have only one question:
1. What do I do next?!
I suppose, at some point, I will need a realtor or attorney to purchase the land. But I have worked with a few realtors who say they are familiar with the VA loan but have come to realize that many may just say it with the "figure it out as you go" mentality. Could all of my questions be answered through a knowledgeable realtor? It's difficult, not to any particular realtor's fault, but using the VA loan is uncommon in many areas, especially the further you are away from an installation. And building a multi-family home probably only make it worse. Any help would be incredible and greatly appreciated!
Are you using a traditional VA Loan or a VA Construction Loan? For the VA Construction Loan I am finding, the most difficult part is finding a lender that is familiar, or willing to navigate the paperwork since it's still a new loan. Were you pre approved for a new construction loan?
I am unfamiliar with the VA Construction Loan. However, the link below is from an active duty member that compiled hundreds of preferred VA lenders. I recommend starting here to find a VA-friendly agent. From my experience, having a VA-friendly agent made both properties we purchased smooth and easy.
@Brandon Fitz Great post. Spent time a FayetteNam myself. I hear Y'all are calling it Braggistan now. Cracked me up the first time I heard it. But in all seriousness to answer your question about finding a Realtor that knows VA follow these two tips:
1. Find a Realtor that is a fellow Veteran like myself near you.
2. Find a Realtor that has also earned their Military Relocation Professional (MPR) Certification like myself too. You can find one near you that has their certification by going to the MRP web site:
Yes, you should work with them to identify a builder that is VA Approved Builder. Or get a builder to get VA Approved. It is very easy to get the documentation together. Hell of a lot easier than getting VA benefits. But again an MRP Realtor will be able to walk you thru it.
I hope this helps you in your REI Journey. All American, All the Way!
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