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A Construction Permanent Loan makes new home financing simple. There’s just one loan application and one closing. Primary or vacation home, you can use the construction loan to build either.  With a construction-to-permanent loan, you can combine your lot and construction financing in a single loan. And when your home is complete, the lender simply modify your construction loan to a permanent mortgage.

Best If You 

• Want to build your primary or vacation residence, or make significant      renovations to your existing home
• Need to buy the lot and finance the construction

Benefits 

• Affordable, interest-only payments during construction
• Flexible fixed and adjustable-rate loan options
• No prepayment penalties
• One upfront closing with one set of closing costs provides the financing for the lot, construction and mortgage

A construction loan is a short-term loan—usually about a year—used to fund the construction of your home, from breaking ground to moving in. With a construction-to-permanent loan, your construction financing simply converts to a permanent mortgage when your home is complete. During construction, you only pay the interest on your loan, and your payments may be tax-deductible.  And with one upfront closing and one set of closing costs, you'll save time and money.

Read more about VA Loans for building here

Note:  The information provided should not be considered as tax or legal advice. Please consult with your tax advisor and/or attorney regarding your individual circumstances.