r/VAConstructionloans

Hi everyone,

For the past year or so my husband and I have been looking to move form our home in SoCal to Pierce County, WA

we already got a pre-approval with a. lender about a month ago but seeing as how so many lenders/builders/contractors are now essentially telling us that using our VA loan for a OTC construction loan would essentially be impossible - I'm losing hope.

I want to use my renaming entitlement, stay in my current home while new one gets built and im not trying to do anything luxury or high priced. Just a little 2/2 or 3/2 in the country (Graham, Eatonville, etc. areas)

I want to be able to wrap all of the cost into the loan but am having trouble find ANYONE that can help with any portion of it - one builder said we needed to buy the land first, another builder says "the lender/bank will not allow this"

Has anyone out there had luck? - Where do I go from here? - Is this possible?

We're even okay with just installing a new manufactured home but just need someone to approve it.

Looking to wrap in the land loan, sign development, home build, utility connections.

https://preview.redd.it/dhz5qk0tjxhh1.png?width=800&format=png&auto=webp&s=bede68d87aed6bd17bbd91ba35fc32856ee1a51a

I'm planning to take a home loan for constructing a house on my own plot and would appreciate some guidance.

• What documents are typically required for a construction home loan?
• Which banks have offered you the lowest interest rates and smoothest loan processing?
• Any banks or NBFCs I should avoid based on your experience?
• Any tips or hidden charges I should be aware of before applying?

Would love to hear your recent experiences and recommendations. Thanks!

Hello everyone! Just discovered this subreddit, just in time.

I have a builder and a realtor, but finding a lender who has experience with the entire OTC process has been exhausting.

This is pretty much a hail mary, looking for anyone who has a good experience with a vetted lender willing to help out. I have a Pro Forma, I have done the document requests a dozen times and the credit checks too, at this rate I just need someone with the knowledge and willingness to make it work with my builder.

Any advice helps!

Edit: for clarification, I am looking to purchase the land, and build the home, all as a VA OTC Loan.