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Active Duty or Veteran Construction Loan
Department of Veterans Affairs

Program Overview

Active Duty or Veteran Construction Loan is a program in which the VA is authorized to guarantee loans to eligible veterans to build a house in which the veteran will occupy the home. The no down payment loan may include simultaneous purchase of the land on which the residence is situated or will be situated. This program is available nationwide for a loan limit if $417,000

Who is eligible for this program?

Must be an eligible veteran, must occupy or intend to occupy the property within a reasonable period of time after closing, and must be able to qualify for a VA loan. Purchase Is this program for first time buyers only? No

Property Eligibility Requirements

Available in all areas. The sales price cannot exceed $ $417,000 as of 01/01/06.

Benefit Details

This program allows the VA to loan guaranties to servicemembers, veterans, reservists of the national guard and qualifying unmarried surviving spouses for the purchase of homes, condominiums and manufacturered homes and for refinancing loans. VA requires a downpayment for a home or condominium when the purchase price exceeds the appraised reasonable value of the property or the loan has a graduated payment feature. 100% of sales price Benefit: VA guarantees part of loan, mortgage with competitive interest rate and no downpayment. Loan Term: 30 years Owner Occupancy Required: Yes Other Program Comments: Maximum VA Loan Limit is $417,000

Please note: Every attempt is made to reflect accurate and up to date information on housing programs displayed on this site. Some inaccuracies may exist. For verification contact a certified REALTOR member or a participating Lender.