VA Construction Loan for Quadruplex???

[Kawika Smith]

Hello! I've seen many ask about using their VA Construction loan to build a quadruplex and I am looking into the same thing. I was wondering if anyone had success with this? Also, looking for lenders licensed in New Mexico that may be able to do this.

Any experience/input helps!! 

[Erik Browning]

Hi @Jeff Marzo, you can certainly build a multifamily with a VA Construction loan - I'll attach the screenshot of the product matrix at the bottom. I'm a broker and can facilitate these in the states that I'm licensed in. I've done a renovation loan myself on a residence that I owned and these are similar in nature. Also, I'm helping a fellow veteran in Washington state right now with his construction loan - although he's doing a single family.

@Kawika Smith Here's the thing with building - most veteran buyers are not aware of how hands on they need to be with the process. It's like a part time job that you must tend to on a daily basis.

Everyone's favorite thing to complain about (contractors) are the biggest hurdle because there is required paperwork that needs to be filled out and (most importantly) the contractors need to answer the phone and communicate.

So know these 2 things before you start: 

1. Are you actually serious? Or did you just watch a TikTok for building a home and you think it's a fun little project? Serious people only with these things - most people are not serious.

2. Understand that you will need to get contractors that are equally serious, answer the phone, and are partners in the process. Additionally, quality contractors come at a premium.

Here is the product matrix I promised: