100% VA Construction Loans

Cheryl Knowlton:             Hi everybody. Cheryl Knowlton, Dynamite Productions coming at you with Clay Johnson, Castle and Cooke Mortgage.

Clay Johnson:                    Hello.

Cheryl Knowlton:             Today we are here to talk about another exciting development with VA loans and that is… Drum roll.

Clay Johnson:                    100% construction financing for VA loans.

Cheryl Knowlton:             What?

Clay Johnson:                    I know, that’s crazy. It really is.

Cheryl Knowlton:             How does this even work?

Clay Johnson:                    So, for the longest time we’ve always had to have something down. The VA we know has always been a 100%, finance model. Now, in one of our last segments, we talked about how there’s no loan limit for that any longer. However, on the construction-

Cheryl Knowlton:             There is for this.

Clay Johnson:                    There is.

Cheryl Knowlton:             We can’t go to 1.5 million, sorry.

Clay Johnson:                    We can’t go to the 1.5, but we can do the 44,350, 100% financing on a construction VA loan. So that includes their lot acquisition, their costs, and blueprints, their cost to build, 100% as long as it appraises at that amount, which generally we don’t have a problem with that if they’re building in their market for their market. But it’s a really big deal because it lets them have that dream home. So many of us say, “Oh, if I had a house, I’d like to do this, this, this, and this.” And in the past, it’s like the veterans haven’t had that option as much with the type of financing they can get for an existing property.

Cheryl Knowlton:             And they deserve it more than anybody.

Clay Johnson:                    They deserve it. So, we’re excited. I’m bringing this to them. So, questions, anybody, just give us a call or message us below and we would love to help you out and answer any questions and put you on the right path. And especially for elicit agents, if you’re working for that person and they decide they want to build, help them get that lot that’s in the right location for their home and where they want to end up.

Cheryl Knowlton:             And use their VA benefits. They’ve worked so hard to serve our country. They deserve the very best loan.

Clay Johnson:                    No question.

Cheryl Knowlton:             Awesome.

Clay Johnson:                    Absolutely.

Cheryl Knowlton:             Thanks, everybody.

Clay Johnson:                    All right, guys. See you later.