Virginia Construction Loans
Virginia construction loans are my specialty. Virginia construction loans
allow you to purchase the lot, fund the construction of your Virginia home
using a construction loans product combined with your permanent loan and close only
once, saving substantial money in closing costs.
I am a
mortgage broker specializing in Virginia construction loans and represent 24 of the largest construction
loans lenders. As a Virginia
construction loans broker, I work for my client and not the construction loans lender, taking time to
understand your situation and placing your construction loans with the lender who matches your needs. I give you unbiased
advice and support throughout the process. Virginia construction loans are a specialized
product and most lenders or brokers do not have the experience to guide you
through this complex process. This is some
basic construction loans information but do not hesitate to call to discuss
your individual project. At a fundamental level, construction loans
offer two types of product characterized by how they base interest rates during
the construction phase. I refer to these approaches as “One Step” and
“Two Step”. Email any questions on
This page is
focused on new construction loans, if you are interested in renovating an existing
home please go to my renovation
If you have owned your lot for 1 year, or if you have documented
improvements to the property, we can use
this equity to meet your down payment requirement or create an interest reserve account.
Depending on the size of the interest reserve account, these funds will make your payments during the construction phase.
Several products include:
One Time Close
Single Rate. "One Step" program protects you
against increasing rates and extended lock fees. Interest only fixed rate
during construction and modifies into a permanent loan after construction.
Great flexibility and low rates on ARMs.
One Time Close Construction
Loans Prime Rate
Based. "Two Step"
you to borrow up to 95% of your total cost for a Principal Residence and up
to 90% on a Vacation Home. Based on the Prime Rate during the
construction period with interest only collected on funds disbursed. Allows a 12 month construction phase.
Designed for those who found the perfect lot but are not ready to build. Low
down payment loans available.
Stated Income construction loans are now available and are wonderful for the self employed or anyone with difficult
to document income or asset situations.
One of my favorite lenders has
reopened their lending department. You can
modify into the incredibly flexible Cash Flow Loan.
I have written a newsletter
covering them, and a construction FAQ
I have a list of documentation needed.
There is a page detailing construction
I have also included information on the specialized areas
of log home, modular
home, or timber frame home
I have detailed information on extended
interest rate locks with a float down option.
I have a page on calculating mortgage ratios.
If you are not ready to build but have found the perfect lot.
The new Purchase Plus Lot
Loan can save you a great deal of money.
Certified Mortgage Planning
Specialist, I offer an analysis of
your situation today can make suggestions on how small changes in how
your debt is structured today can have a life changing effect in the years
to come. Read more
about this free, no obligation service.
Prequalify for your
Virginia Construction Loans.