George L. Duarte

Mortgage Loans Fremont California Horizon Financial Associates

  • Home
  • About
    • About
    • Awards
    • Privacy Policy
    • California Privacy Notice
    • Accessibility Statement
  • Reverse Mortgage Library
  • Resources
    • Real Estate Corner Radio Show
    • VA Loans
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
    • Closing Costs
    • Living Trusts
  • Reviews
    • Video Testimonials
    • Reviews
    • Write a Review
  • Apply Now
  • Contact

What You Need To Know About A VA Construction Loan

April 11, 2023 by George Duarte

What You Need To Know About A VA Construction LoanDo you plan on building your dream home? If you are a veteran, you may qualify for a VA construction loan. This could help you save a significant amount of money as you build your dream house, but it is important to understand the details.

An Overview Of A VA Construction Loan 

In general, a VA construction loan has three separate parts. The first part is the cost to purchase the land, the second part is the cost to construct the home, and the third component is the bundle that gives you your final, long-term mortgage. You have the option to close on the construction process either once or twice, and you should work with a professional who can help you decide which one is better for your situation.

The Benefits Of A VA Construction Loan

There are several significant benefits that come with a VA construction loan. First, it does not require a down payment, so you don’t have to worry about saving tens of thousands of dollars before you start building your house. It also does not have a cap on the maximum size of the loan, so you do not have to worry about running into a roadblock when borrowing money; however, you still have to qualify for the size of the loan you want. You also do not have to worry about paying any interest during the construction process. 

Applying For A VA Loan

Applying for a VA construction loan is similar to applying for any other mortgage, but you will also need a Certificate of Eligibility (COE) showing that you are a veteran and eligible for this type of loan. Apart from that, you will also need to provide evidence of your credit history, prove you have enough income to pay back the loan, and show proof of employment.

Consider A VA Construction Loan

If you are a veteran and want to build your dream house, you should consider applying for a VA construction loan. It could open the door to new options that might not have otherwise been available. 

Filed Under: Mortgage Tagged With: Construction Loan, Mortgage, Va Loan

The Top Benefits Of A Single Close Construction Loan

March 1, 2023 by George Duarte

The Top Benefits Of A Single Close Construction LoanIf you are thinking about building your own home, you might be wondering how construction loans work. There are plenty of options available, but one of the most popular choices is a single-close construction loan. This type of loan allows you to close on not only the construction expenses but also your financing costs at the same time. Essentially, a single-close construction loan will convert into your mortgage after the construction on your home is finished. What are some of the top benefits of this type of loan?

Save Time

One of the first benefits of a single-close construction loan is that you can save a significant amount of time. If you need to get a separate loan for the construction and financing processes, you will have to submit all of your required documents twice. Then, you will need to wait for the lender to review them both times. You can avoid this process if you combine the loans together in a single-close construction loan.

Save Money

Of course, you could also save a significant amount of money by going with a single-close construction loan. Keep in mind that each loan is going to have some origination and closing expenses. If you have to go through the process twice, you will have to pay these expenses twice. With a single-close construction loan, you only have to pay potential origination and closing expenses once, which can help you save money.

Fix Your Interest Rate

What happens if the average interest rate goes up during the construction of your house? This means that your mortgage may have a higher interest rate, and it could make your house unaffordable. You can avoid this risk by getting a single-close construction loan with a fixed interest rate. Then, if the interest rate drops down the road, you may be able to refinance. 

Consider A Single Close Construction Loan

In the end, these are just a few of the top benefits of a single-close construction loan. While these loans are not necessarily for everyone, they could be right for you. Do not hesitate to reach out to an expert who can help you figure out if a single-close construction loan is right for your needs.

Filed Under: Mortgage Tagged With: Construction Loan, Interest Rates, Mortgage

Next Page »
Sidebar

George L. Duarte

MBA, CMC, CMHS
Call 510.377.9059
Fremont, CA

California DRE Corp Lic no. 01032295
DRE Personal Brokers Lic. No. 00943635
NMLS Corporate Lic. No. 302358
Personal Lic. No. 302219
Horizon Financial Associates Logo
View Lending Cert
NAMB Member Cert
Get a Rate Quote
Mortgage Refinance Companies
NAMB
Veterans VABA Member
CMC Logo

Follow My Posts and Sign Up for My Newsletter!

Download Our App!



Horizon Financial Associates BBB Business Review

Connect with Me

Recent Awards

Mortgage Pros
2019 Best of Fremont 2017 Best of Fremont 2016 Best of Fremont
See More Awards →

Browse Articles by Category

Recent Articles

  • S&P Case-Shiller Home Price Indices Show Mixed Readings in March
  • Does My Current Debt Affect Getting A New Mortgage?
  • An Overview Of Mortgage Points
  • What’s Ahead For Mortgage Rates This Week – May 30, 2023
Horizon Financial Associates is a BBB Accredited Mortgage Broker in Fremont, CA
Equal Housing Opp
CRB Logo REALTOR logo

Our Location


39488 Stevenson Pl
Fremont, CA 94539

Copyright © 2023 · Powered by MySMARTblog