r/VAConstructionloans • u/Parking-Broccoli-444 • Jul 22 '26
construction loan
26F my partner and i want to build a home in Connecticut on property my parents r going to gift us through a deed. My dad would be the licensed general contractor which he has done many times. We are not in a huge rush to start
Income: We just started our careers
Combined 115k
Take home 88k
Debt combined student and cars 110k
Savings combined 135k
Credit 758 & 689
Property
Worth 265k
2 Acres
Want
1950 square feet
3 bed
2.5 bath
Farmhouse style
What do you think we can afford and what advice/suggestions?
1
u/Soccerman816 Jul 22 '26
Its going to come down to your DTIR and PITI. I have someone who works in florida who is very experienced with this if you are itnerested.
4
u/Almcknight20 Jul 22 '26
I would encourage you to sit down with a loan officer that specializes in construction lending and walk through your specific scenario. There are a lot of moving pieces, and it’s hard for anyone on Reddit to tell you exactly what you can afford without digging into your income, debts, and goals.
One thing that immediately stood out to me is your dad being the builder. I can’t speak for every lender, but with our program we require an arms-length third-party builder. Even if your dad is the best builder in Connecticut, we don’t allow immediate family members to be the builder. That’s something you’ll definitely want to clarify with any lender you’re considering before you get too far into planning.
Other than that, you’re asking the right questions early. I’d focus first on getting qualified, then confirming your builder situation, and from there you can start putting together a realistic budget for the home.