Forgotten Your Password?

Need to Register?

Question Icon

VA Mortgage, can we include the costs for building a stable?

I have a husband that has a horse for PTSD therapy through the VA and we're now looking to move into a new home and wish to build a stable on our land. Can a VA Home Loan cover this as well, or would this be something that we would check with the VA themselves? by dolly._126_644 from Odessa, Texas. Nov 21st 2011 Reply


Ron Pippin (RonPippin)
#26 ranked lender in Utah - 158 contributions

If the stable were already built, you can buy the home using VA financing. If you want funds to build the stable after the home is purchased you would need a completley separate loan for that. The VA will not provide additional funds at closing to build a stable later.

Nov 21st 2011
0
0
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Tricky question.. I'm pretty sure with VA loans you cannot include rehab or remodel costs into the loan, so if the property doesn't already have the stable, you cannot include it into your loan. You would need to purchase a home that already has that on the property. WilliamAcres.com

Nov 21st 2011
0
0
Patrick McCarthy (PatrickM)
#23 ranked lender in Ohio - 196 contributions

Hello, Dolly. Sorry I couldn't resist. :) Until last month, we were able to do renovation loans with VA guaranteed loans, however, the VA has a time limitation on the delivery of loans to Ginnie Mae. They are not allowing us enough time to do renovations and get the loan delivered. You will probably have to have it built and then refinance to re-imburse your self. In Texas, you need to research the cash out guidelines before you move forward. I believe you are only able to refinance with cash out 1 time for as long as you own your home.

Nov 21st 2011
0
0
Richard Woodward (RichardWoodward)
#39 ranked lender in Texas - 106 contributions

A VA loan would not allow for an escrow or improvements that I am aware of. Your best best is to find a home with stables existing. You would need to make sure the property is not currently being used as an income producing property as most lenders will not allow that. If the property currently has an agriculture exemption that could become problematic as well.

Nov 21st 2011
0
0
Marcus Buchanan (mbuchanan)
#313 ranked lender in California - 28 contributions

VA will not allow this however, check with the seller, sometimes the seller can make contributions towards the sale that includes the stable along with the sale price.

Nov 21st 2011
0
0
Subscribe to our news feed.