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How much land can be purchased with a home under the VA Home Loan?

by btwofeathers622 from Hayward, Wisconsin. Jul 18th 2016 Reply

Scott Fix (ScottFix)
#1346 ranked lender in California - 184 contributions

The VA loan limit in Wisconsin for a single family home is 417K regardless of county. Before going VA, consider how much you may have to pay prior to deciding that route (funding fees). A good, easy read resource for VA lending information is Now, you mentioned land. Are you planning to live in an area which is more rural? If so, check into a USDA loan if the home is in a USDA approved area. 100% financing. Check with a local, experienced real estate agent and lender about USDA coverage areas. Might be just the right fit for your situation. All the best, Scott.

Jul 18th 2016
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

VA does not have a minimum or maximum when it comes to acreage.. but there is a guideline that says the land value cannot represent more than 25% of the overall value of the property, and the property you are looking at must be common for the area, and have other "Like" properties that have sold for sales comparison.. Example: You're looking in an area that has many homes on 20 to 30 acres parcels.. you find a home on 25 acres, the list price is $400K. but the land value by itself is worth $100k, under this scenario, it would be acceptable. Understand that this is VA's guideline.. But, VA does not lend money.. they only insure loans against default.. the lenders, or those with the $$$ will oftentimes have their own rules above what VA calls for.. it's these "Overlay's" that make lending rules different one lender to the other.. so, one lender might allow for 25 acres, while another lender might cap you at 10... For this reason, it's best to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile including the property your interested in, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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 NMLS# 226347

Jul 19th 2016
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