The #1 Guide To Getting pre-Approved For The Hottest VA Home Mortgage Loans Up To $3+ Million!
*Ask Us How To Qualify For Up To $50,000 Extra Before Or After Closing.
You’re Looking To Build, Buy, Refi, Or Renovate, So Why Choose BuildBuyRefi Over other VA Home Lenders?
We Provide VA Loans In All 50 States, And May Even Be Able to Offer Up To *$50,000 Extra Before or After Closing To Use As You Wish!
If you visit other websites looking for this type of loan, you will notice most start out with this one question: What is a VA home loan?
Short answer, like any other home loan, it is a mortgage backed by the Veterans Administration to cover your home, yet you already know the answer because you found us by searching for this specific loan type. We go further than other banks by focusing on the more important aspects you want to know, like, you can and how you will get pre-qualified at a low attractive rate and term. We provide VA loans for homes in all 50 states.
This VA Home Loan Guide is designed to provide the information you need to make the best possible decision on who you choose to process and close your VA loan. We aim to take the small-town bank approach with the more significant 50-state bank risk, especially on Veteran Administration loan programs.
We’re probably not the first company you found when starting your online loan search if it is, we’re lucky to have found each other first. Many lenders that advertise for this loan type provide “not-so-great options,” so let’s get right to it and take a short quiz to see if you are in the right place.
Use These Links To Skip Ahead In The Guide:
Respond “YES” To Each Of The Top 3 VA Qualifiers, And You’re One-Step Closer To Getting Access To The Hottest VA Home Loans BuildBuyRefi.com Has To Offer.
Respond “NO” To Any Of These Statements, And You May Still Qualify!
(1). You’re Active Military, Retired Veteran, Disabled Veteran, Or The Spouse Or Widow Of A Veteran.
As a qualifying Veteran, you have the opportunity to qualify for a set of home loan advantages that far exceed other loan programs and products. You may be eligible for the VA loan if you have met specific requirements that allow you to obtain your Certificate of Eligibility (COE). These conditions are having served 90 consecutive days of active service during wartime, serving a minimum of 181 days of active service during peacetime, having more than six years of service in the National Guard or Reserves, or you’re the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
(2). You’re Looking For The Highest Loan To Value For Your Renovation Or Cash Out Refi, And Smallest Down-Payment On Construction Or Purchase.
Every program offered by the VA allows up to 100% financing except Jumbo loans. So if you are looking to build or buy with zero down, this is possible. If you are looking to pull out cash or consolidate debt, you’ll have no problem accessing 100% of your equity, and even if you’re near 100% already and are looking to renovate, we allow up to $50,000 toward rehab costs, allowing you to access the future value of your home's equity right now, before you start the renovation.
(3). If Requesting A VA Loan For Manufactured Property, Your Home Was Built AFTER June 15, 1976.
It must've been built after this date if you want to use a VA loan to purchase a pre-owned manufactured home. We absolutely cannot lend on a property built prior because it is not insurable, nor does it meet the HUD building code and guidelines. Manufactured home standards before this date were not the same as they were after that date, and every year newer, the building standards get even better.
As a lender, we want to ensure you have the most durable and longest-lasting manufactured home possible. Suppose you wish to obtain a loan for a property older than this date. In that case, you will want to contact a local chattel loan lender, a local credit union, or a local bank to ask them if they offer “Chattel Loans,” as this is the only eligible loan type for this age of the property.
Great, if you answered “YES” to each of these, you passed the first part of our pre-qual quiz. If you have a “NO” somewhere, then call us now, or take our eligibility checker to discuss your situation. Answering “NO” doesn’t mean you won’t qualify, it just means we need to find out which area is impacting your request.
Before we discuss the programs we offer, and we offer EVERY Veterans Administration home loan imaginable that meet’s the above requirements, let’s review the most important ways to make the process as smooth as possible.
First, There Are No Guarantees Because There Are Many Unknowns.
Anyone offering you a guaranteed VA loan is probably someone you want to avoid. No loan is guaranteed until you have met all conditions and closed your loan. But let’s discuss further how you can get the desired results.
You Deserve A Team Known For Excellence & wicked fast speed. Here’s why!
Applying and getting pre-qualified for a VA loan is only the first step; it doesn’t guarantee you’ll get the rate, terms, or program you initially pre-qualified on. Many factors go to achieving the low-interest rate and great program you desire, which is “the speed at which YOU move.” Time plays against every borrower in a big way with any loan.
Learn the 4 most important reasons to “light the fire” and Take Fast Action on Your VA Loan Pre-Qualification!
Rate Locks Expire: Most loans are locked for 30 days because the shorter term allows you to get the lowest rate possible. If you lose your rate lock by letting it expire or needing to extend it because you took weeks to get the items back, it will cost you more money or a higher rate. With rates recently on the rise, a higher rate could even make you no longer eligible for the loan you wanted. A long delay could require you to re-qualify for the loan again.
Programs Could Disappear: It’s happened before; we’ve witnessed many loan programs get wiped out overnight. Investors can choose to change their risk portfolio and stop offering programs altogether; that is why moving fast on the approval you have in your hand means taking action.
Your Job or Income Status Could Change: What if you lost your job, your income was cut, or you wanted to take a new job, but it put your loan closing in jeopardy because you took too long? Any changes in your employment status could come back with more unfavorable terms or, worse, a complete loan denial.
Your Credit Score Could Dramatically Change: We’ve seen scores change many times suddenly before. Examples include a borrower running up their credit card limit for business, or they miss a payment because they weren’t paying attention, or a judgment/collection was filed for other reasons. Not closing quickly under the same credit terms is another reason underwriters require you to re-qualify or cancel the loan.
Follow These 3 Steps to Get Competitively Priced VA Home Loan rates today.
Find a lender you feel confident in and apply to get pre-qualified from that lender. Make sure the lender has the program you want, and if they don’t sound confident they can close this program and have the reviews to prove it, then keep looking! You may want to check out our reviews to help give you this confidence.
Request a rate lock on your loan once you are pre-qualified and get your lender every item needed as fast as necessary to close your loan, so your rate lock doesn’t expire. Your side of the process is only complete when the loan is closed, not when you think you sent enough to satisfy what is requested to convince the lender.
Take responsibility and move fast; as you know, rates have been on the rise lately. Wait too long, and you could end up with a higher interest rate, qualifying for a smaller loan than if you locked in faster on a lower rate. It’s your job to ensure you meet all requirements, not the loan officer's or lender’s position to hold the file open as long as possible, paying for the rate lock extension out of their pocket. Locks cost money because your lender reserves the funds and rate you want. It’s your responsibility to ensure you move fast so as not to let that lock expire, or it could end up costing you.
BuildBuyRefi Will Provide VA Loans On These 4 Styles Of Properties.
(1). Single Family & Modular Homes
Any site built or modular home that's shipped to the site. There are no age restrictions on these properties; however, they cannot be mixed-use, demolished, razed homes, co-op’s, investment, or on structures relocated to or from another site.
(2). Manufactured Homes
Any single, double, triple, or other multi-wide manufactured homes larger than 400 sq. ft. and was built after June 15, 1976. The property must not be on leased land or in a trailer park but on a permanent foundation.
(3). Multi-Unit Properties
Any 2, 3, or 4 unit property, for example, a side-by-side or top and bottom duplex are allowed as long as one of the units are owned and occupied by the primary borrower, meaning the primary borrower occupies 1 of the units full-time.
(4). PUDS, Townhouses & Condos
Any approved PUD, townhouse, or condo must be Veterans Administration (VA) approved or accepted. Each property type in this classification has its specific guidelines that expand further.
*Modular homes are not considered manufactured homes, they fall under the same category as a Single-Family Home and do not have the same restrictions as Manufactured Homes. Every program available to a Single-Family Home extends to Modular.
The Mortgage Industries Most Popular VA Loan Products & Details.
You most likely already know what loan program you need, want, or would like to have. But for those just learning about these program types, we want to explain them in more detail.
#1. VA Purchase Loans
A purchase loan is for buying a new primary residence, second home, or investment property. A standard purchase loan is most commonly used for a property that is already built; however, they can be combined with a VA renovation or our VA one-time close construction programs. Read more about these programs below.
#2. VA Cash-Out & Debt Consolidation Refinance
A cash-out refinance is used for either taking cash equity out of your home for personal use, or consolidating other credit debt, thereby converting your equity and trading off for a lower monthly payment on all total debt. It should be noted that the VA renovation/rehab loans are not considered cash-out refinances by the Veterans Administration, and we share more about this specific program below.
#3. VA IRRRL Streamline Refinance Loans
A VA streamline is strictly for borrowers looking to lower their interest rate or modify their loan term only. No cash-out, debt consolidation, or renovation is allowed with this program. We offer the VA IRRL streamline refi on all property types, including manufactured homes. No appraisal is required for any property type, and we move very fast, usually closing within weeks.
#4. VA Renovation Loans For Purchase or refinance
If you are an Active Military, Veteran, or Spouse of a Veteran, then the VA Renovation Loan is what you seek. The VA Rehab loan has a maximum allowable repair limit of $50,000; however, some costs must be maintained for overage allowance. If your repairs are of a non-structural and non-luxury upgrade nature and are limited to $45,000 in costs, this is the product you want to obtain. Having your repairs rolled into one loan is more natural than qualifying for a 2nd mortgage, also known as a home equity loan, and comes with one low fixed-rate mortgage.
This product allows for flexible terms and competitive interest rates, and unlike FHA and USDA, it comes with no mortgage insurance (MI) requirement on loan. So if you are a Veteran, this is the product you want to choose over the other options available if you do not need to complete any structural repairs.
For Purchase loans, this product can be used on foreclosures and short sales, as well as minor updates to existing homes for purchase or refinancing. The repairs can be completed by only 1 General Contractor (GC), which may be able to use multiple subcontractors if required underneath the GC. The borrower cannot complete any of the repairs themselves or act as the general contractor, and ALL improvements must be achieved in a four-month term. The work must begin within 30 days of the loan's closing and not cease for more than 30 days. The GC must submit a qualifying bid outlining all work to be completed within 120 days. Draws and disbursements are determined based on the percentage of work completed, and no mortgage payment reserve can be financed in the property. Additionally, the property cannot be vacant for more than 15 days. A 15% contingency reserve is required on the VA renovation loan for any overages or miscalculations in repairs.
Eligible improvement types are: Eliminating health and safety risks, connecting to public water & sewer systems, repairing or replacing plumbing, heating, AC, and electrical systems, making changes for improved functionality and modernization, and creating a new roof as long as structural integrity is intact, siding, gutters, and downspouts, energy conservation improvements, improving accessibility for persons with disabilities, repairing fencing, walkways and driveways, new refrigerator, cooktop, oven, dishwasher, built-in microwave, washer, and dryer, repairing or removing an existing in-ground swimming pool, installing, repairing or replacing exterior decks, patios, or porches, covering lead-based paint issues.
Ineligible improvements that are structural or considered luxury are not allowed. These would be repairing foundation issues, oil tanks (repair, removal, remediation), any repair/installation for private water systems –(Wells), and any repair/installation of private waste management systems (Septic Systems, Lagoon, Cesspools, Pits, etc.), mold remediation, moving another structure to the site or room additions to the exterior of the property, landscaping site improvements, new swimming pools, outdoor saunas, whirlpools, or bathhouses, tennis or basketball courts, satellite dishes, barbeque pits, outdoor fireplaces or hearths. Additionally, tree surgery is not allowed unless it endangers existing improvements to the property. Also, any repair completed by self-help, “do it yourself,” or that takes more than four months to finish is not eligible. If the scope of work requires more than three draws per specialized contractor or the proposed repairs/improvements need detailed plans, engineering, or architectural exhibits.
Eligible property types are a bit different for VA than its FHA counterpart. We allow renovations on all eligible doublewide and triple-wide manufactured homes, modular homes, single-family, and 2-4 unit multi-family homes as long as one of the units is owner occupied.
Ineligible property types include condos, demolished or razed homes, relocated structures, mixed-use properties, commercial properties, co-op properties, investment properties, or mobile homes on leased land.
Restricted states based on permit requirements: For Both Purchase & Refinance: BuildBuyRefi restricts availability in the following states due to longer times to obtain permits and inspections. Except for Hawaii, if no licenses are required for the proposed work or the borrower can get a permit before closing, inspectors’ availability is not an issue. BuildBuyRefi can make an exception on a case-by-case basis. (California, District of Columbia (DC), Hawaii*, Illinois, Massachusetts, New Jersey, New York, Oregon, Washington.)
There are specific requirements of the General Contractor, Insurance and Liability Requirements, Appraisal Requirements, Bid Requirements, Inspection, and Disbursement Requirements, and specific fees can be included in the closing. You will want to discuss these additional requirements with your banker once you have decided you are ready to move forward. Additionally, since these loans are treated as New Purchase or Rate and Term Refinance loans, the maximum allowable cash back to the borrower cannot exceed $500.00, except in Texas, where the amount is $0.
#5. VA One-Time Close (OTC) & VA Construction Loans
Construction loans are for those ready to undertake the exciting process of choosing the exact plot of land to build and designing the custom facets of the home they wish. It’s also used if you own land and want to combine everything into one low-rate loan. We offer up to 100% VA One Time Close Construction Loans for land & the complete build-out, or in the case of a manufactured property, the construction and permanent location to your site. We also offer two-time close and portfolio construction programs to choose from.
Construction loans are the more popular loan programs requested through BuildBuyRefi.com; our Construction One-Time, Single, or Two-Time Close, and Jumbo Construction Loans are a powerful option when building the home of your dreams in the location you’ve always wanted. This product type allows borrowers with a credit score less than 720 (standard construction requirements) but above 640 credit score to design and build their own home exactly how they want it, where they want it.
Instead of the three loans it takes to complete a traditional construction loan, we do it in one closing. That’s right, just one single closing! Find the land you want, or if you already have it, build the home you want and roll it into one loan. No more separate loans, separate costs, different appraisals, and most importantly, no separate qualifying for each loan.
Most importantly, you can lock in your final interest rate before rates rise, which you can not do on construction to permanent financing before you break ground. The VA one-time close construction program offered truly makes homeownership a custom dream.
#6. VA Jumbo Loans
Jumbo loans are for loan amounts that exceed the limits set forth by the underwriting guidelines for conventional, FHA, USDA, and VA loans. The rates are typically a bit higher, and the loan-to-value is often less than any programs requiring a more significant equity position for approval.
Jumbo Home loans are used only when traditional home lending guidelines exceed the loan amount limit set in the county in your property is located. You may need a VA Jumbo loan if your property is in a high-cost area or has a large tract of land.
Most commonly reserved for stick-built properties, we have many programs allowing borrowers to access capital to borrow against the manufactured, 1-4 family, 2nd home, investor, and condo property types. The most popular is the VA Jumbo Loan which has no mortgage insurance and requires the smallest down payment when buying new.
#7. VA Jumbo Home Loans With Large Land / Acreage
Don’t let a property that is on large acreage pass you by; contact us if you have a jumbo home on more extensive tracts of land, but your realtor is trying to steer you away, or you’re having a hard time finding a lender to refinance your jumbo large acreage property. They aren’t making any more land, so you want to get pre-qualified while this program is available.
#8. VA Manufactured Home Loans
Not every bank will allow VA loans on Manufactured Homes, yet if you have a double, triple, or quadruple-wide manufactured or mobile home, it must be 400 sq. ft. or larger to qualify. The property must be on a fixed foundation and on land you own, NOT in a mobile home or trailer park.
Have a tiny home larger than 400 sq. ft. and land that you love but don’t want to move it? Put your tiny house on a permanent foundation and land you own, and we'll get you pre-qualified for a VA mortgage and rate.
Also, it is essential when the property is appraised that we can find a comparable property, so be sure to talk with your realtor and loan officer regarding loaning on a property that has small square footage and is similar in style and loan size.
Generally, We Want Your Minimum “Middle Of The 3” Credit Scores To Be A 620 FICO Or Higher.
My Middle Credit Score Is Above 620. What Rate Can I Get?
The rate you qualify for depends on many factors since rates change daily, sometimes multiple times a day; the quote you receive today will most likely be different tomorrow. That is, of course, if you have not locked in your loan.
Borrowers with a 620 credit score may see a little higher rate than those with a 640, 680, 720, and so on. This is because investors offer better rates the higher your score is. They do this because those with higher scores have proven to be of lower credit risk than those with higher scores.
Many people who buy a loan with a lower credit score and a higher rate could raise their credit even if they took out a 100% loan six months to a year later. In cases where that happens, we constantly work with our existing clients and review market conditions to offer an internal streamline refinance.
The streamline refi is the most effective VA loan to lower a borrower’s interest rate. Most instances will not require a new appraisal because you only reduce your interest rate or term. It is also possible to have a lower score like the VA streamline refinance, as this loan looks at your overall improvement to your financial situation and is not relying on your credit report.
Do you provide bad credit VA Loans?
…What is the lowest Credit score you accept?
Can we lend lower than 620?
In some cases, yes, we’ve closed loans as low as 580, but it’s incredibly difficult and let’s explain why.
A few things happen when a borrower has a score under 620.
#1. The interest rate we can offer becomes too high.
The pricing adjustments for lower scores and loan amounts become a high risk for the lender. And due to us offering some of the hottest government-backed lending programs, we shy away from dancing with any loan that targets what the government deems to be "high costs."
#2. The borrower has limited to no credit, or their credit trade lines are not acceptable to our current underwriting guidelines.
It’s even true that some people can have a 640 credit score with limited trade lines that would not get approved, but it is essential to show our underwriters you can make payments on time and are at low risk for defaulting on your home loan.
#3. The borrower could be a few steps away from a much better credit score.
It's possible if your score falls under the 620 line, there are some areas in credit repair that could help you become more attractive to the approving lender. In many instances, you don’t have to go through a 3rd party credit repair company, as today’s lenders have tools to help you determine what moves you can make to improve your score. Do what is needed, and not only would you get a lower interest rate, you could qualify for a more substantial loan with better home options than if you settled for borrowing with worse credit.
The 5 Acceptable Income Types When Applying For A VA Loan.
While we accept almost every income type when verifying and approving these types of loans, the two we won’t loan on for a VA loan are stated income or bank statement-only loans.
W2 Full Time & Part-Time Employees
Self Employed
Active Military Income
Retirement, Pension, 401k regular disbursement income
Social Security or Disability income
It’s important to note that any change during the process in employment status, such as getting fired or switching jobs, is grounds for denial or re-underwrite. You want to avoid any change in your job status while completing your loan, and if there is the slightest chance something might change, you need to speak to your loan officer immediately.
Do not assume it will be approved because you are getting a better job offer. Changes like these scare underwriters and will increase the documentation you’re required to provide. This could delay your closing, cost you a rate lock, or you could lose your purchase money escrow altogether.
You will save lost time and money by being as upfront as possible with your loan officer.
Aside From Working 7 days A Week On Your Schedule, We Specialize In The Most Popular VA Loan Programs To Hit Today’s Mortgage Market!
The Truly Determined Borrower Ultimately Deserves A Strong Fixed-Mortgage With A Low Rate. At BuildBuyRefi, We Offer Wicked Fast Speed to close and 5-Star Customer Service.
We Won’t Leave You Guessing What Is Going On!
Why do other lenders and even my local bank offer high-interest rates, shorter terms, or require higher down payments?
Why do realtors try and talk us out of using our VA benefits or accepting a VA offer?
That’s a great question!
The short answer is that they may not be as experienced in these types of loans or don’t want what they perceive to be a hassle.
Longer answer…
The Top 3 Reasons Why Other VA Lenders Find It Hard To Compete With BuildBuyRefi.
#1. We have Some Of The Most competitive VA Loan products, rates & loan terms:
Most other VA lenders, brokers, and banks only have a few programs, indeed not offering anything near the vast array of VA loan products we have. Their rates are higher and loan terms shorter because they can’t touch the monthly volume we produce. They don’t offer high loan-to-values because they still view VA loans as more troublesome. These reasons are baseless, and we chalk them up to laziness or lack of desire to be motivated by the customer.
#2. We’re seasoned VA loan veterans, Ready To Offer A Multitude of Services:
Most are not seasoned veterans in the VA lending sphere, meaning the loan officer you worked with might not have closed one of these properties or loan types before, and that is a dangerous strategy to play. You need a banker that knows how to navigate these specific loan programs and guidelines, and most of our bankers have 15-30 years of experience lending on VA home loans.
#3. We Offer The Most Property Type Variations For VA Manufactured, VA Modular, VA Renovation & VA Construction Loans:
Your local bank or credit union may be acting like they are doing you a favor to keep you with them, but they don’t want a higher balance VA loan on their books. They may talk you into putting more money down or taking a higher rate, saying they’re making an exception to the guidelines. In this case, their inability to be competitive or desire for your property type is costing you more just by staying loyal.
As Seen In
5-Star Lender Reviews That WOW!
Richie, OK... so you've officially done something I've never seen in 22+ years selling real estate. Closed a VA Loan on 224 Acres, with a Manufactured Home. CONGRATULATIONS! and THANK YOU!!! Admittedly, I was skeptical (more like pessimistic) when James told me you were going to get this VA Loan completed. And I had many doubts along the way, because I'd seen so many VA Lenders fall flat on their faces, just before the Closing. BUT... You got the Job DONE! Occasionally, I find someone out there who has done an Outstanding Job, helping my Clients... and You are one of these! I'm now officially a FAN of You and Your Work. I would be honored to promote you and your services to other Agents within our company, and I intend to do so. I will call you when I've caught up on my work a bit... and learn more about how I can do my job better on the next VA transaction.
~Tom K. Realtor