Build a brand-new Virginia home on your VA benefit, with the land, the construction, and the permanent mortgage wrapped into one loan and one closing. From Suffolk’s Harbour View corridor, where new construction leads all of Hampton Roads, to acreage outside Richmond and the Quantico corridor’s growth in Stafford and Prince William, you lock terms once at the start, with no second closing and no re-qualifying after the house is done.
100%Finance up to the appraised value of the finished home
One-TimeClosing covers the land and the build together
580Minimum credit score, when most lenders want 640 or higher
No Re-QualifyingUnlike a traditional construction loan that makes you re-qualify once the build is done
What is a VA one-time close construction loan?
A VA one-time close construction loan is a single loan that pays for the lot, the build, and the permanent mortgage you keep afterward, all settled at one closing. Lenders also call it a single-close or construction-to-permanent loan, and it keeps the core VA advantages you would get on any purchase, financing up to 100 percent of the finished appraised value with no monthly mortgage insurance. Since the home does not exist yet, the loan is underwritten around your plans, your builder, and an appraisal of what the completed home will be worth.
Virginia hands this loan two very different jobs. In Hampton Roads, lots in Suffolk, Chesapeake’s rural south, and the Peninsula’s edges let sailors and shipbuilders build new instead of bidding on tight resale inventory, and in Northern Virginia the Prince William and Stafford corridor pairs buildable land with the DC metro’s $1,249,125 high-cost loan limit, room for a serious custom build on full entitlement. We release funds to your builder in stages as work passes inspection, and the loan converts to your permanent VA mortgage when the last draw clears.
One-time close vs two-time close, why one closing matters
Most construction financing in Virginia is still the two-time close, a short-term construction loan followed by a separate refinance into a permanent mortgage once the home is finished. That second step means a second application, a second set of closing costs, and a second pass through underwriting at whatever rates exist months from now. The VA one-time close removes the whole second act.
Two-time close (the common way)
A construction loan first, then a separate refinance into your permanent mortgage after the home is built.
Two closings and two sets of costs
You re-qualify after construction
Your rate can move before you lock again
More moving parts to coordinate
VA one-time close
One loan and one closing for the land, the construction, and the permanent mortgage you keep for the life of the loan.
One closing, one set of costs
No re-qualifying after the build
Your terms are locked at the start
Finance up to 100% of the finished appraised value
What you can build in Virginia
The home has to be the primary residence you intend to live in, and beyond that the program flexes to fit the state. These are the Virginia builds we see most, alongside existing-home purchases when the right listing appears first.
Build near your base
Put up a new home in the commuter rings around Naval Station Norfolk, Oceana, Fort Eustis, Langley, Fort Lee, or Quantico, where buildable lots survive even when resale inventory runs out.
Build on land you already hold
Family acreage in Suffolk, Dinwiddie, or Stafford counts toward the loan like a down payment, often shrinking cash to close and the funding fee.
Build where Virginia grows
Suffolk’s Harbour View, the Richmond exurbs, and the I-95 corridor south of Quantico all carry active builders who write VA contracts every week.
Build to today’s code
A new build meets current wind and efficiency standards from day one, which holds down insurance and utility bills through Tidewater summers and NoVA winters alike.
How a VA one-time close construction loan works
There are more moving pieces than a standard purchase because the home is still on paper, but we run the VA side for you and keep the order of operations simple.
01
Get pre-qualified and pick your builder
We pull your Certificate of Eligibility (COE) and review your numbers, and you line up a licensed, insured builder registered with the VA.
02
Plans, specs, and the appraisal
Your builder delivers plans and a cost breakdown, and the appraisal values the home as it will stand finished, which sets what the loan can carry.
03
One closing, then the build
You close once and your terms lock, then funds release to the builder in draws as each construction stage passes inspection.
04
The home finishes and converts
The loan rolls into your permanent VA mortgage automatically when the build wraps, with no second closing and no new application.
Estimate your Virginia VA construction loan
Put in your land cost, your builder’s bid, and the expected finished appraisal, and the calculator lays out the whole structure, the 5% contingency, the construction interest reserve that carries the payments while you build, the VA funding fee, and the split between what finances and what comes to closing. The numbers are estimates, and a dedicated VA specialist confirms the real ones for your file.
Virginia VA Construction Loan Calculator
See how much you may qualify for and what it takes to finance a VA one-time close construction loan in Virginia.
Why work with PBT Bancorp for your Virginia build
Construction lending rewards reps, and we have them. Our team has spent decades working with Veterans, has helped more than 3,000 families buy, build, or refinance, and knows how to keep a Virginia build funded and on schedule from the first draw to the conversion.
We are an FDIC member bank and a wholesale broker, and we work with the lenders who actually offer a true VA one-time close
A real VA one-time close is a specialty product most lenders do not carry, and we close them regularly
We pull your Certificate of Eligibility (COE) and handle the VA paperwork and builder requirements for you
You work with a dedicated VA specialist from start to finish
Our VA one-time close program goes down to a 580 credit score, when most lenders want 640 or higher
Virginia VA construction loan questions
Do you offer VA construction loans across Virginia?
Yes, we work with build-ready Veterans and active-duty members statewide, from Virginia Beach, Chesapeake, and Suffolk through Richmond and Petersburg to Woodbridge and the Quantico corridor, and we are licensed in all 50 states. Wherever in the Commonwealth you are putting down roots, the build can happen there.
What credit score does a Virginia VA construction loan require?
The VA itself sets no minimum, but construction lenders usually want stronger credit than a standard purchase, often 640 or better. Our VA one-time close program accepts scores down to 580, which keeps the door open for Virginia Veterans other construction lenders have already declined, provided the rest of the file holds up.
How much money down does the build take?
Often little or nothing, because the loan is measured against the finished appraised value of the home rather than just the construction bill. When the appraisal supports it you can finance up to 100 percent of that finished value. Some builds do call for money in, usually when costs outrun the appraisal, and we show you that math before you sign anything.
I already own land in Suffolk or Stafford. Does that help?
It helps substantially. Land you own counts toward the deal much like a down payment, its value folds into the finished appraisal, which can shrink both your cash to close and the VA funding fee. Paid-off family land in Southside Virginia or the rural counties around Richmond is one of the most common head starts our Virginia builders bring us.
Can the same loan buy the lot and fund the build?
Yes, in most cases the lot purchase rolls into the same one-time close loan as the construction itself, so there is no separate land loan to juggle, and your rate locks once at the start for the whole arrangement.
When does my first mortgage payment come due?
Not until the home is finished. The construction period, which can run up to about 11 months, carries an interest reserve built into the loan budget, so you make no monthly mortgage payments while the home goes up. Your first regular payment starts after the loan converts to the permanent VA mortgage.
What kinds of homes can I build in Virginia?
Site-built single-family homes lead, and the program also covers modular and qualifying manufactured homes, a primary residence with up to four units, and out-of-the-ordinary builds like a barndominium when comparable sales support the appraisal. Coastal builds in Hampton Roads simply need to meet their county’s wind and elevation standards, which your builder will already know.
Does the VA funding fee apply, and can it be waived?
The funding fee applies to a construction loan the same way it applies to a VA purchase, and it is waived completely for Veterans with a service-connected disability rating of 10 percent or higher. We confirm your fee status up front so the closing numbers never surprise you.
Ready to build your Virginia home with your VA benefit?
Tell us about the lot, the floor plan, or even just the county, and we will map your eligibility and what a one-time close looks like for your build, no pressure and no obligation. Call 800-697-4371 or start online and we will handle the VA side.
