Charleston SC – Building a Home With No Down Payment

Who wouldn’t want to live in beautiful Charleston SC? There is history, beautiful homes, plenty of military and civilian jobs, and overall a great place to raise a family or retire. Because of a high concentration of active military as well as Veterans, the topic of VA construction loans comes up a lot. A common question sounds like this, “How can I build a home with no money down using my VA eligibility?”. Fortunately, our VA construction loan helps finance new construction Charleston SC! Problem solved.

new construction charleston sc

New Construction Charleston SC

Often, Charleston area residents make the choice of a custom built home. Of course, choosing the floor plan that meets your needs and moving into a home no one else has lived in is exciting. Furthermore, new homes bring other benefits such as increased energy efficiency that means lower utility bills. Some want to build a new home on their own land, while others are looking to buy land and build a home. Regretfully, too many military and Veteran buyers find construction loan down payment requirements to be a problem.

VA Construction Loan Charleston SC

Whether serving in the military or a military Veteran living in Charleston SC, building your own home has probably crossed your mind. New construction Charleston SC is booming, but sometimes there are hurdles to building such as cost and down payment. Fortunately, using a VA construction loan is a great solution.

Charleston SC VA Construction Benefits

  • No down payment for any loan size **
  • Monthly mortgage insurance not required even though 100% financing provided
  • Buy land and build a home simultaneously
  • Avoid large land down payment
  • Building a farm residence or acreage is allowed
  • Build while in the process of selling current home
  • Finance the VA funding fee
  • Disabled Veterans have no VA funding fee
  • Flexible VA guidelines including minimum 640 credit score

** With full VA entitlement

Fortunately, the above list provides so many advantages to building new construction in Charleston SC or really any market.

Building on My Own Land Using VA Construction Perm

Whether a lot was just purchased, gifted, or owned for a while, using the equity in the land for a VA construction loan is a huge advantage. Our VA construction loan already provides for no down payment, so why is this needed? Owning the land in the Charleston SC area helps with the appraised value, financing the closing costs, or getting cash back at closing. Therefore, it affords a borrower to be able to finance the whole cost of building a home including the closing costs. Finally, getting cash back from the equity is a bonus that could help with so many extras.

Buying Land and Building a Home

Decided to buy land to build on? Land down payment can be right substantial. But, using a VA construction loan allows for combining the land price and cost to build. Then, simply add the two and our VA construction loan will make it easier to build new construction in Charleston SC.

  • Finance 100% of the land purchase
  • Builder may pay construction closing costs

Currently, we offer an in-house two time close construction and VA loan in NC, SC, VA, and MD. Contact us to build your dream home!

Looking to Build New Construction?

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Written By: Russell Smith

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