Not just houses that are currently being built in up coming developments or neighborhoods. I mean finding a piece of land (nothing huge), approaching a builder and building a house.
Husband and I are looking to build a forever home within the next few years. We currently own a home, but the with the interest rate to housing prices ratio right now, we’re not jumping at the chance this second. In the meantime, I figured it would be a good idea to ask how people are doing this.
Do you have to buy the land first then also build a house? (Two loans? Cash for land and loan for house? How does this work?)
Is there a scenario where you find land and a builder and go, “THIS is what we want, where we want!” and then get both the land and the house in one loan?
I’m in a FB group for veterans and I see posts about building homes constantly. Sadly nobody ever answers questions as to how this was done process wise when asked for the process.
100% disabled veteran status if that’s needed for reference. So no property taxes are paid and no VA fee for the loan process. Also employable (VA states working is still an option albeit the health issues) and we were approved (after underwriting, not just pre-approval) for $750,000. State of North Carolina but right on the border of Virginia, so could be either state for us depending. Again, sharing for reference if needed.
Thank you.
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source https://www.reddit.com/r/RealEstate/comments/14f3q6q/va_loan_users_how_are_you_building_houses/
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