![]() Learn more about the ins and outs of VA construction loans here. Of course, you'll also need a valid Certificate of Eligibility to be eligible, and your builder must have a valid VA ID. The land can't be vulnerable to landslides, earthquakes, or other geologic instabilities.The land can't be located near a landfill, dump, or hazardous material facility.The land can't be located in a flood or noise zone (airstrip, highway, railroad tracks, etc.). Fees for a first-time VA purchase loan are 2.15 with a zero to 4.9 down payment, 1.5 with a down payment of 5 to 9.9, and 1.25 with a down payment of 10 or more.PMI protects the lender in case the borrower defaults on the loan. The property must meet the VA's minimum property requirements and must comply with all federal and local building standards. Our North Carolina mortgage calculator indicates that borrowers who make a down payment of less than 20 on a Conventional loan may be required to obtain private mortgage insurance (PMI). ![]()
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