Times have changed. You don’t have to start with a starter home anymore. Building your dream home could be way more doable than you ever thought.
And building your dream home is your way out of the old routine. Maybe you’ve assumed you have to do things the way your parents did — you buy a home you don’t really love, that you know you’ll outgrow, in not quite the ideal neighborhood, because it’s just your starter home. You know you’ll sell it when you’re ready to move up — when you have the cash and the financial stability to get into your dream home.
But it doesn’t work that way today. At least, it doesn’t have to.
The Reality of a Highly Competitive Housing Market
Pretty much all over Texas, where Lendid Loans is based, the real estate market is hot. There are fewer homes on the market than there are people wanting to buy them.
In fact, Texas has the nation’s largest annual state population growth. So you’re not even just dealing with homebuyers already in Texas, but all those people flocking to Texas who want to buy homes, too.
So, to quote every real estate agent ever…low inventory = high competition.
There aren’t enough houses for sale. At least not when compared to the number of people looking to buy those houses. There are fewer homes to choose from. And buyers are competing with each other, driving up home prices, and snatching homes up as fast as they go on the market.
And all of that can make it tougher for you to get into your dream home. Even if you are beyond the starter home. So, you can buy a fixer-upper and…well…fix it up. Or, you can make it yours from the ground up.
Can’t Buy Your Dream Home? Build It.
So you can’t buy your dream home. Someone already snapped it up. The other buyers are pushing the sale prices up too high. Or it just doesn’t exist. The perfect home in the perfect place ain’t out there, at least not at the perfect time.
That’s ok. Because you can build it.
You can build the home of your dreams and finally settle down, for once and for all, where you want to live your life.
You don’t have to wait for the right house at the right price in the right place at the right time to pop up, the stars to align, and your down payment to be lined up, or your student loans to be paid off [yes, you can get a loan to build your home even if you still have student loans].
Think Building Your Dream Home Just Isn’t For You?
Maybe you think you’re just not one of those people who would ever build your own home.
Well, over the last nearly ten years, we’ve actually seen a steady rise in the numbers of homeowners opting to build their home rather than buy it.
And that trend’s continuing, with January 2018 hitting nearly 10% above the previous year.
There are multiple options out there for financing the construction of your dream home.
They work pretty similarly to traditional home loans. And they’re actually not as complicated as some would have you believe. For Texas homebuyers, the least known and most useful tool might just be the one-time close VA construction loan.
Home Construction Loans for Veterans
There are special construction loans available to veterans ready to build their dream home, including the VA One-Time Close Construction Loan.
If you already own land in Texas, you can use this loan to build on the land you already own. And if you don’t have land yet, that’s ok. You can purchase land using financing through the Texas Veterans land board and then build when you are ready. Or you can use the VA one-time close construction loan to purchase the land and finance the construction all at once.
A few of the factors that make the VA one-time close construction loan a great option:
- You could be eligible to get your loan for no down payment.
- You can finance your land purchase, construction, and permanent home with one loan and one closing.
- With one-time close, you’re locked into your rate. No worrying about your rate rising during construction or after.
- You can build any type of permanent home. That includes single-family house, a modular home, or a manufactured home [doublewide and triplewide].
- Your credit doesn’t have to be stellar. A fair credit score could still land you this loan. And build you your dream home.
Your Dream Home Can Become a Reality.
So the competitive housing market and rapidly growing population in Texas have made it seem like it’s impossible for you to find — and buy — your dream home.
No worries. Now you know that you can build it. And if you’re a veteran looking to build your home in Texas, the VA construction loan brings owning that dream home even more within reach.
If you have any questions, or if you’re ready to get started on that dream home today, Lendid is ready to help.
Topics: Home Loans