VA-eligible veterans can finance the construction of a new home with flexible terms and competitive rates.
Build your dream home
A VA Construction-to-Permanent loan combines the financing for the construction phase with the permanent mortgage into one convenient loan. Instead of obtaining a separate construction loan and then refinancing into a permanent mortgage, you only go through the loan application and closing process once.
- One-Time Closing: Save time and money with a single closing.
- Locked-In Rate: Secure your mortgage rate from the start.
- Simplified Process: One application, one lender, less paperwork.
- Flexible Draws: Access funds as needed during construction.
- Expert Guidance: VA loan specialists support you through every step.
- VA Guarantee: Lower rates, no PMI.
- Build Equity Early: Start building equity from day one.
- Veteran Focused: Dedicated to serving veterans with top financing options.
Experienced loan officers to help guide you through the loan process.
Find your perfect mortgage loan officer today.
How it works:
1. Application and Pre-Approval
Apply for the loan and get pre-approved with FFBF. We'll review your eligibility, credit history, and income to determine the loan amount you qualify for.
2. Builder Approval and Plan Review
We'll work with you to ensure that your builder is VA-approved. We'll also review your construction plans and specifications to ensure they meet VA requirements.
3. Loan Closing
Once your builder and plans are approved, you'll close on the loan.
4. Construction Phase
During the construction phase, FFBF will release funds to your builder according to the agreed-upon draw schedule.
5. Permanent Mortgage
Once construction is complete, your loan automatically converts to a permanent VA mortgage with the terms you agreed upon at closing.
Resources for homebuyers.
Loan Checklist
When you're ready to buy a home, it's important to understand what you'll be required to provide in order to make the process simpler for you.
The Mortgage Process
Learn the vital steps to take after receiving an accepted offer on your desired property to ensure a successful mortgage application.
New Lenders
With the acquisition of the Watson Mortgage team, you have even more access to insightful lenders ready to assist you.
Mortgage Calculators
How much will my mortgage save me in taxes?
How much can I borrow?
How much interest could I save by increasing my mortgage payment?
How much could I save with a 15-year mortgage?
How long will it take to break even on a mortgage refinance?
Should I buy points?
What will my monthly payment be?
Should I buy or rent a home?
FAQs
How much will I need for a down payment?
Depending on the type of loan you are financing, you may be required to make a down payment ranging from 0% to 20%. There are many advantages to both small and large down payments including income tax benefits. Contact a Loan Officer today to provide you with all your options.
What is the difference between Pre-Approved and
Pre-Qualified?
Pre-Qualification is an informal estimation of what size mortgage the borrower may qualify for. Pre-Approval is a formal statement of the specific mortgage amount in which the borrower is approved for.
What if I am in the process of switching jobs?
Securing a mortgage during an employment transition is common. You need income that is reliable, stable, and likely to continue for at least 3 years. New positions require you to remain in the same field. Contact your First Federal Bank Loan Officer today to assist you with this process.
