Can You Use the VA Loan to Buy Land?
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- čas přidán 29. 08. 2024
- Can you buy land with the VA loan? Well, the answer depends on what you plan on using it for.
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Evan Kaufman
WeVett Home Loans
NMLS 2375529
NMLS ID #2179191 WeVett Home Loans, Division of Xpert Home Lending. 1100 Satellite Blvd NW, Suwanee, GA 30024
These guys are awesome! Loved this video and got in contact with them. I will be working with them throughout my whole loan process! Give them a call. Really down to earth bunch
Thank you for the kind words! We look forward to the opportunity of working for you.
Great info!! Never knew what one time construction loan was. That's exactly what I want to do!
Glad it was helpful! In response to your other question, key is that if you are doing the VA construction loan you'll need to a have a home with a foundation lined up to be built as well.
Yeah we know this already. What we need is to know what lenders WILL offer one time construction loans.
In many scenarios, we can do them. Please feel free to reach out to me. Call, text or fill out a form at www.WeVett.com
How long do lenders generally allow you to build a home on raw land? Is there a maximum time frame to get a home built? We're interested in buying a piece of property and staying in our RV on it until the construction is finished. Thanks!
Typically it is 11 months to complete the new build. Meaning, close first and then 11 months to complete. Hope that helps!
Great question!!
Can I use a VA loan to buy a home on multiple acres and later sell off part of the land while remaining in the residence?
It is allowable and possible! The process of doing it depends heavily on who is servicing your mortgage. You have to confirm with your loan servicer that you are eligible to split the parcels out and wait to get our approval by the servicing team before proceeding with the sale of it. Hope this helps and fantastic question.
thank you@@wevett
Size requirement for the home? Looking at buying land and putting a tiny home on on it as my primary residence.
Great question! The key is that your home is on a permanent foundation and is conforming with other comparable homes nearby. Tiny homes on a trailer frame will not work, but a Tiny Home (as in foundation and built more like a traditional home) could possibly work - especially if there are similar comparable homes that have sold nearby.
So say I want to buy unimproved land utilizing the VA home loan to build a home that will be my primary residence, how exactly does that work? I guess let me be more specific, is there a specific time frame in which I have to have the home built? Or do I have to have the construction plans already generated to do this? Or do I have to buy the land and build the home simultaneously?
Great question. If you are buying the land you have to do it at the same time you plan on starting the construction loan if you want to use a VA one time close construction loan. You cannot use the VA loan to purchase raw land and then later start building on it. They must be done together (buying land and starting new build). Hope this helps!
Say I find a rural land away from city/county utilities for sale and I buy it on an owner financed loan. Can I purchase a manufactured home through VA and put it on the land?
If yes, are there any additional requirements like connecting to septic, well water and solar power?
Great video. Looking to buy a piece of land for our future home but we won’t be using it as a primary residence for the next 8 years. The idea is we start paying for a piece of property we like before it becomes less affordable down the road. What are the odds this meets the VA/ lender requirements? Open to input from anyone, thanks!
Which lender do u recommend ? To buy land and place a home on it ?? 90k for the land and manf home is 98k i will use it as my primary residence, property will be in a gated community in Kansas
Can I use a VA loan to buy a condo in the Philippines as a primary residence?
Wow! Great question and sorry I do not have an answer. Not sure. While we're licensed in most US states, we are not in the territories or Philippines for that matter.
Can I buy outside the US using a VA loan? A vacation home that I would use at least 6months out of the year. Also it’s a piece of land and build a home on it.
Hey, Ricardo! I’ll give you the words straight form the VA website:
“Can a veteran obtain a VA loan for the purchase of property in a foreign country?
No. The property must be located in the United States, its territories, or possessions. The territories and possessions are Puerto Rico, Guam, Virgin Islands, American Samoa, and Northern Mariana Islands.”
Hope this helps!
Can you use Va Loan to buy R-4 Zoning? I plan to build like a 4 plex and live in one of them
You can build a 1-4 unit property. Not sure if all zoning is the same or not for that, but it's possible to build a duplex/triplex/quad as long as it is your primary residence.
Kinda similar to some of the questions asked. I’m currently serving and will be for another 8 years. We want to start looking at land in Florida to buy to eventually build on for our primary home. Will I be able to utilize the VA loan for buying land and the home build?
You can use the VA loan to do both at the same time, but if your plan is to buy the land now with a VA loan and then wait 8 years that won't work. They need to be done together. Thank you for reaching out via phone too!
Evan (Or anyone that may know), I currently live in a home that I've rented for four years. It was a brand new home when i moved in back in 2020. It's was a new subdivision back in 2020 and I live in a cul-de-sac. My home is the first home in the cul-de-sac and there are 3 lots next to my home that for some reason, they installed the plumbing and utilities, and assigned address for each lot, but never built any new houses on those 3 lots. I'm going to purchase the home I'm already living in using my VA and I would like to know, since those 3 lots next to my home are for sale, could I get a VA loan toI purchase my home and the 3 adjacent lots next to my home?
Sir, that is a very unique question that I cannot give you an exact answer on. My gut reaction is that the only way it could potentially work is if all lots were combined into one parcel. You're limited on multiple parcels with a VA loan, but if the parcels are combined then maybe. Feel free to reach out if you want to explore the option some more!
Hello, thank you for this insight. I live and work now in Monterey, CA and want to build my own home someday and do much of work myself. I don’t have much construction experience, but I know I could figure it out. I would hire an engineer to do the foundation for a 1000 square foot home. My father in law who has 30+years construction experience would mentor me thru the build. So if I find the piece of land I’m looking for and then price out the estimated cost for my build, do you think I could get a VA loan? I did an 8 year Navy Reserve contract. Thank you for your time!
Hey, Michael! Every builder doing a VA construction loan must be registered with the VA, which you can find more information on here: www.benefits.va.gov/HOMELOANS/appraiser_cv_builder_info.asp
The next hurdle for you would be finding a lender who will do a construction loan to a brand new builder (your father in law and yours company). Our builders are required to have a lot of full-time building experience so that is what makes it tough to get a VA loan for builders who are just starting or doing it themselves. I hope this helps!
Do you can’t buy the land if you plan on building a few years down the road?
If you buy land with a VA loan it has to be part of the construction process for a new build home. You cannot buy raw land with a VA loan and wait to build a few years down the road. However, if you have the construction process ready immediately behind it (and able to complete the build within 11 months or so), then it is possible!
@@wevettthank you for this!
Can I buy land and put a long stay RV as my permanent residence?
Not with a VA loan. You would need to construct a home with a permanent foundation.
I want to buy land and put a double wide on it. Can this be done on the same loan?
Great question. While you can certainly finance a manufactured home with a VA loan, know that there are some stipulations - the biggest ones being that it needs to be on a permanent foundation and typically built after 1976. Regarding manufactured VA construction loans, that is not something we can do.
Can i buy raw land and build a metal building home
If the home is a primary residence, on a foundation and meets all the standards of a traditional single family home - then yes it is possible to buy the land and do the new build at the same time.
Buying land with a VA loan is possible, but it must be done simultaneously with constructing a new home. Google
Correct sir.
Someone send me this man contact
Hello! You can schedule a call or reach out directly. Here is our schedule link: calendly.com/evan-wevett/30min