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VA Lender's has several things to say about using the VA loan advantage for land purchasing. Pursuant to Section Three of the Manual,'eligible purposes' for a VA home loan means the capacity to'buy or build an apartment, within a freehold flat or co-operative, which the vet owns and occupies as a home'.
There are some provisions in the regulations about what can be bought: A loan may involve the concurrent acquisition of the land on which the resident is or will be located; a loan may also be secured for the building of a resident on land already held by the veterinary (part of the loan may be used to fund a buy back mortgages or a sale and purchase agreement for the acquisition of the land, if appropriate value criteria exist).
A number of borrower already own land and do not want to buy any more. State VA regulations, "Loans may also be granted for the building of a residency on a property that is already held by the veterinary surgeon (a part of the loan may be used to re-finance a cash loan or a sale agreement for the sale of the property, provided appropriate value requirements)".
As the VA loan programme is optional and the participant creditors are participant creditors, the VA cannot request these creditors to provide certain kinds of credit product. In the end, you may have to look for mortgages from a home owner or joint venture loan provider and look to re-finance the building loan into a durable VA secured overdraft.
If you are requesting a VA loan, ask your creditor what the terms and conditions are for buying a loan for new building in your area.