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Can i get a va loan on vacant land?

by jolene.mckenzie864 from Tahoe City, California. Aug 12th 2015 Reply

George Kulcsar (gkulcsar)
#357 ranked lender in California - 8 contributions

Hi Jolene,Are you looking to construct a new property on that piece of land. If so then there is a VA One-Time construction loan that combines the land and construction of property into one loan.If your looking just to purchase land I don't believe VA allows for this you would need to do a land loan. Give me a call or send me an email for more details.George

Aug 13th 2015
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

You cannot use VA to purchase raw land.. only to purchase a primary residence. Va does allow for a construction loan, however, you'll find it rather difficult to find a lender willing to do one.. Your better off going to a local bank and do a construction loan with 30% down, and then once the construction is complete, you can do a cash out refinance through VA and get the funds you laid out back.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714

Aug 13th 2015
Hans Bruhner (Hans Bruhner)
#132 ranked lender in California - 122 contributions

I have to agree with both answers here and I was going to say what William Acres said - Good luck finding a lender who does the VA construction loans and it seems George does them so that is excellent. I am in CA and love VA loans but we don't do the construction loans.

Aug 13th 2015
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