homebody1966

can a VA loan be used as a down payment on a house?

i have a VA loan that i’d like to use, but it’s not enough to buy a house
can it be used as a down payment instead?
if so, i plan to have it built
does that make a difference?

...asked February 4th, 2012 @ 6:00 am in Loan - Home

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40933linkus86
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If I understand you correctly, the answer is no. In order to use a VA loan you must abide by the rules of the loan, and what you have planned break those rules.

...answered February 4, 2012 @ 6:55 am


40934Landlord
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No, it is not a cash loan, it has to pay for a house. It also can not be used for a construction loan.

You need 2 loans, first a construction, and secondly a conventional, which you use to pay off the construction loan when the house is complete.

...answered February 4, 2012 @ 7:10 am


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