VA Loan Rules for Land Purchases

VA Loan Rules for Land Purchases

You can forget that a property into the suburbs is certainly not the only choice a first-time house customer has by having a VA mortgage loan. There are many solutions together with Department of Veterans Affairs has expected quite a few in terms of property that is purchasing selecting choices.

As an example, are you aware the VA will approve home loans for qualified borrowers who would like a custom home? A construction loan has guidelines and procedures certain into the problems associated with having a brand new house built from scratch instead of a current house.

The VA Lender’s Handbook has things that are several state speedyloan.net compare cashland with other lenders concerning the utilization of the VA loan advantage for land acquisitions. Based on Chapter Three of this handbook, “eligible purposes” for a VA mortgage loan are the capability to “purchase or build a residence, including a condominium or unit that is cooperative become owned and occupied by the veteran as a home.” Some stipulations are included by the rules concerning exactly what can be bought:

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