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Building a Home with a VA Loan

Posted by RajeevKumar

Building a Home with a VA Loan

In this article we are going to talk about building a home with a VA loan. Here at Low VA Rates we often get the question, can you use a va loan to build a house? Lets take a closer look how to use your VA home loan benefits to build that home you’ve been dreaming of designing. Whether you’re PCSing, retiring, or have finished your service and are ready to use your benefits to build your dream home, we can help you get there.

You may have heard that it’s not possible to do construction loans through the VA, but this is just because some lenders don’t offer them. We at Low VA Rates offer construction loans because we believe they’re a great option that all veterans should have access to.

1. Find a VA Expert

We at Low VA Rates specialize in VA loans, so we’re familiar with both the details of the loan type and the unique payday loans IA needs of veterans. We’ll help you make sure that before you begin down the building path, there’s no doubt about your credit and income qualifications.

2. Identify the Builder

If you’re planning to build a traditional, stick-built house, the Department of Veterans Affairs (VA) website has a list of registered builders.

However, even if you have a builder you want to work with that is not on that list, it doesn’t mean you have to find someone else. Your VA expert should be able to guide you through how to get that builder registered, which is a simple process.

3. Look for Land

Once you’ve worked with an expert and identified a builder, you’ll need to find a piece of land. There are a lot of places in this wonderful country that you can build your dream home, whether that’s a traditional stick-built house or a modular or manufactured home.

There are specific standards that must be met for each home type, but some general things you’ll want to consider when looking for a property are:

Bounce Back Loan: Understanding personal liability and alternative funding options

Posted by RajeevKumar

Bounce Back Loan: Understanding personal liability and alternative funding options

Directors are not personally liable for Bounce Back Loans taken out by their company. Instead, the government provided security to the banks in the event of non-repayment of a Bounce Back Loan. The exception to this rule, however, is if you have misused Bounce Back Loan funds; if this is the case, you may be held personally liable for the balance of the loan.

As the Covid-19 pandemic threatens to hinder businesses across the country, the government has announced an unprecedented support package to help companies and their shareholders survive these challenging times.

Following widespread criticism of the Coronavirus Business Interruption Loan Scheme (CBILS) which saw a small fraction of applicants successfully secure funding, the government subsequently introduced the Bounce Back Loan Scheme (BBLS) as an alternative.

What are Bounce Back Loans?

As the name suggests, Bounce Back Loans are designed to help Britain’s SMEs weather the current government-imposed restrictions on business, and give them the resources to ‘bounce back’ quickly once trade is permitted to resume.

Aimed at small businesses, the BBLS give companies access to loans worth up to 25% of its turnover, up to a maximum of ?50,000. They are provided interest-free for the first 12 months, with a competitive rate of 2.5% levied afterwards and fixed for up to six years. The government provides security for 100% of the loan amount, lowering the risk to lenders.

Chancellor Rishi Sunak, promised the application process would be swift, with companies able to receive funds within 24 hours of applying. However, so far, the loans have failed to live up to these lofty expectations.

Struggling to access a Bounce Back Loan?

In spite of the government’s assurances of a much smoother application process than that experienced by CBILS applicants, unfortunately the reality has seen many company directors struggle to get a Bounce Back Loan, finding themselves once more locked out of the help on offer. (more…)

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