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Northeastern Pennsylvania Scranton, Wilkes-Barre, Pocono area
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Old 09-24-2010, 09:23 PM
 
4 posts, read 13,029 times
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Hello,
A year ago my fiance' and I financed some land with the intention of building a home before we get married next year. My fiance' is a veteran. Most likely due to the economic times however, we are unable to find a lender that offers a VA construction loan. After calls to the Veteran's Bureau for guidance, they gave us a list that probably hasn't been updated since the mid-90's of banks that offer VA loans. Most of these banks either don't exist anymore or no longer offer VA assistance. Has anyone had any experience with financing a newly built home that might be able to help us?
Any advice would be appreciated.
Thanks!
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Old 09-25-2010, 07:25 AM
 
Location: Saylorsburg, PA
1,935 posts, read 3,158,243 times
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Check directly with the banks themselves...PNC, KNBT, Wachovia (now Wells Fargo), etc., they all have foreclosures that they are anxious to get off their hands because everyday that goes by they're losing money on them...the other night out of curiosity I googled "PNC foreclosures" and found the site that handles their foreclosures...so you should be able to find other banks site's as well...the VA is helpful for many things but unfortunately, as you discovered, their lists may not be up to date...also get with a Realtor...they know the VA process and can help you tremendously with the paperwork and all that's involved...I bought my first house, not brand new, through the VA Loan program and the agent handled everything...I didn't have to do anything except show up for the closing...was told I'd have to put down money but 2 days before they told me I was 100% covered by the VA and to just show up....there is a member of the boards here who goes by the name KarenRice...get in touch with her if you can...I'm sure she can help you sort it all out...being veterans the process is A LOT more easier/smoother for us...been in my place since Nov. 2007 and couldn't be happier...good luck!!
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Old 09-25-2010, 07:38 AM
 
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Our experience was that the builder had the bank connection. We were free to shop around for other mortgage lenders, but were pleased with the lender that was "connected" to the builder. Maybe you should check with a builder that you want to go with and see what they have to say.
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Old 09-26-2010, 05:11 PM
 
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Great! Thanks very much for the advice.
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Old 09-27-2010, 08:48 PM
 
76 posts, read 231,275 times
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I'm wondering if you might have better luck with a small local bank instead of one of the big guys. Did you check with Wayne Bank? I got my construction loan (and eventually my mortgage) there. They were really nice to deal with. Also, i agree the previous poster. Having a builder who has done business with the lender makes things easier.
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