Tag: construction loan

Paying Off a Construction Loan Using VA Financing

Question: We have a VA client that bought a lot and then built a home using construction financing through a local bank. Both the lot and the loan are in our client’s name. The property is now finished, and they want to refinance to consolidate the lot loan and construction loan.  Is this a cash-out […]

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Will VA allow the LTV to exceed 90% when paying off a construction loan?

Question: Our client has a temporary construction loan.  Will VA and Ginnie Mae allow the LTV to exceed 90% when the loan being paid off is a construction loan?  Further, will they allow the payoff of a purely temporary construction loan to be considered a purchase transaction? Answer: Yes, both VA and Ginnie Mae state […]

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