Yes, a completed build can be refinanced into a VA loan, as long as you have entitlement available. There are a few paths to having entitlement: - If your first VA loan did not use the full amount and enough remains, that alone may be sufficient. - Selling a prior VA-financed home restores the entitlement tied to it. - There is also a one-time restoration that works while you still own the earlier property, by paying off its VA loan, typically through a refinance to conventional. That specific move can only be used once, so spend it deliberately. Entitlement can still be restored again later the ordinary way, by selling the property. Confirm the current entitlement rules for your file. On why government loans price lower: FHA and VA generally run below conventional, commonly around half a percent, though the gap moves with the market, so treat it as a tendency rather than a promise. Historically, bond buyers viewed low-down-payment, lower-credit-score loans as riskier and demanded higher yield. After 2008, the market recognized that Fannie and Freddie carry only an implied government guarantee, while FHA, VA, and USDA carry an actual, explicit one. That makes those loans the next best thing to US Treasuries in investors' eyes and lets them price more aggressively. VA's other big edge is no monthly mortgage insurance at all. In its place sits the one-time funding fee, which is waived for veterans receiving service-connected disability compensation and certain other exempt borrowers. You can watch how the programs are pricing against each other on the Mortgage News Daily rate table, right here on our site at /mnd-rates.