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How to get a va loan to finance 80 acres and build a house?

Acreage zoned agriculture, retired and not using the acreage for that. Just want a buffer from folks and peace and quiet. by r_woodel731 from Mountain Home, Idaho. Nov 2nd 2015 Reply


Ed Campbell (EdCampbellVA)
#79 ranked lender in North Carolina - 22 contributions

Per VA:Although VA does not make farm or other business loans, the law allows veterans to use their Loan Guaranty benefit to purchase a farm on which there is a farm residence. VA does not set a limit on the number of acres which the property may have.The appraisal of properties with acreage should not present difficulties if a sufficient number of similar properties in the area, which may include improvements not typically considered residential (i.e. barns, sheds, corrals, stables, pastures), were recently sold primarily for residential use. For VA purposes, the valuation must not include livestock, crops, or farm equipment and supplies.In any case, individual improvements not typically considered residential (i.e. barns, sheds, corrals, stables, pastures) will be valued at their fair market value on the basis of the use of the property for residential purposes only.So to answer your question VA does allow this. Now finding a lender might be tough. Let me look around.

Nov 2nd 2015
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It is bare land and the price is $80,000 for the property purchase, $ 20,000 to put elec, well, and septic already looked into it, and $150,000 to build a 1600 sq ft house. So $250,000 total we would need. There are quite a few newer houses on smaller acreages around us etc . I pray you can find a lender, all's we need is a chance. Great credit and income of $ 6500.00 monthly. You are our last hope for our dream. Thanks for your help.

Nov 2nd 2015
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Ed Campbell (EdCampbellVA)
#79 ranked lender in North Carolina - 22 contributions

So this is now turning into a construction to perm VA loan. You are in luck as very few mortgage originators have this program, and even fewer can originate in all 50 states. The only issue will be getting your contractor approved and the acreage.shoot me an email at ed.campbell@cbcnationalbank.com so i have your contact info. Thanks

Nov 3rd 2015
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Ed Campbell (EdCampbellVA)
#79 ranked lender in North Carolina - 22 contributions

Per the investor,Hi Ed,We do not have any limits on acreage. Comps need to have comparable acreage and the appraiser must state that this is common to the area.Thanks.-AndyI got your email, let me know when you are ready to move forward. Please remember that the builder must get pre-approved. You are not allowed to work on any part of the project including driveway, wells, septic ect.

Nov 3rd 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

One of the most difficult loans to find is a VA construction loan.. you might be better off contacting a local mortgage broker and do a regular construction loan, and then once it's complete, you can get a VA loan and pull the cash out laid out to get it built.. otherwise, you're going to be spending a lot of time looking for that needle in a hay stack lender.. 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 WilliamAcres.com NMLS# 226347

Nov 3rd 2015
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