No, however, you are able to obtain a 4% builder credit, which may be sufficient to cover substantially all of your closing costs.

On a typical VA purchase or refinance, Scout Advisors can close in as little as 14 days. With a VA new construction loan, we suggest a minimum of 45 days (60 days is ideal) to allow sufficient time to obtain builder approval, project approval and an appraisal.

Work should be completed within 11 months

The builder and borrower have agreed to the build time and the lender does a virtual inspection and checks for all permits before each draw. If there were issues or delays these should be caught before the end of the build period. The lender will work with the builder to get back on track.

Any expired credit documents will be need to be updated with the lender before the loan can be modified to a fixed loan (15 or 30 year). No new loan documents need to be disclosed to the borrower unless the updated credit documents show the borrower is ineligible for the closed loan. If the borrower is ineligible for the loan already closed, the borrower will need to work with the lender to be requalified for a new loan.

Eligibility of Barndominiums and all unique properties follow VA guidelines and are contingent upon an appraisers ability to find comparable sales near the proposed subject property

Yes. The existing home foundation can be used for the new home, if allowed by local building codes. The demolition cost can be included in the budget.

Reach out to your Scout Advisors mortgage expert to obtain the new construction project and builder forms