V A Land Loans

[Hogmauler]

Other than the interest rate (and that should be enough I guess)is there any advantage of a v a loan over a conventional loan? Yes you can put zero down but then you have even a larger note. Yalls thoughts?

[Codyw48]

Other than the interest rate (and that should be enough I guess)is there any advantage of a v a loan over a conventional loan? Yes you can put zero down but then you have even a larger note. Yalls thoughts?

Are you a disabled vet?

[Hogmauler]

Yessir I am. Not 100% though.

[Dirtymike]

Pro's for VA loan would be 0 down, and better chance of getting approved with out best credit.

Con's as with anything the gov is involved in I been told that last minute documents are needed and processing times can get pushed. Depending on how many offers on the property the seller may not want to give you the chance to wait on the loan.

I also feel like the interest was higher than going conventional.

[Dirtymike]

Yessir I am. Not 100% though.

This is what i was talking about. Not sure if it is the same program you are looking at. Do not have to be disabled at all.

https://vlb.texas.gov/loans/land-loans/index.html

[RWB]

I did it and was pretty easy. I thought the paperwork and documentation was easy. It may have went a little longer than normal but it was no issue.

[texan4ut]

Pro's for VA loan would be 0 down, and better chance of getting approved with out best credit.

Con's as with anything the gov is involved in I been told that last minute documents are needed and processing times can get pushed. Depending on how many offers on the property the seller may not want to give you the chance to wait on the loan.

I also feel like the interest was higher than going conventional.

The VA has changed a lot of things the paperwork, process is much better. I am a VA appraiser and they made it simpler to do VA appraisals. VA appraiser has 10 business days to complete an appraisal so that part is sped up too.

[Hogmauler]

I think it used to take around 45 days for v a ? Somebody correct me if I’m wrong.

[Dirtymike]

The VA has changed a lot of things the paperwork, process is much better. I am a VA appraiser and they made it simpler to do VA appraisals. VA appraiser has 10 business days to complete an appraisal so that part is sped up too.

Nice to hear. Not to highjack, but does anyone know if you can refi with them? We got hosed at the last minute and the broker had drawn up the wrong kind of loan for us. A 5 year loan! At the end of the 5 years we have to pay it off or refinance it. We were so P off! But the seller had many other offers on the property and would of just moved on instead of us having to start over on another loan. So we went with it to lock in the property. Feel like the realtor and the fiance company knew before we sat down. But did what was best for them.

[gingib]

Nice to hear. Not to highjack, but does anyone know if you can refi with them? We got hosed at the last minute and the broker had drawn up the wrong kind of loan for us. A 5 year loan! At the end of the 5 years we have to pay it off or refinance it. We were so P off! But the seller had many other offers on the property and would of just moved on instead of us having to start over on another loan. So we went with it to lock in the property. Feel like the realtor and the fiance company knew before we sat down. But did what was best for them.

And yall didn't read it?

[Dirtymike]

And yall didn't read it?

No we did read it. The first time we laid eyes on it. When we were sitting down closing. It was intense!!! We had been lied to by the broker the entire time and blown off when asked to see the paper work. It was a real time crunch. We started an offer the day it went on the market and others started the next day. We have been looking for over 12 years before finding this place that fit all our needs.

We were told well it will still work because you will be getting a construction loan, then the final loan on home and land... Which was true and reason we went ahead.

But now we used some other funds and dont need a construction loan as I am building a small apartment "barndo" in a 40x40 shop we built on it. Our actual house will be built when we sell our home in town. The shop apartment will be for guest and family. If we are entertaining and have friends for drinks they dont need to get on the road.

[Hogmauler]

It will work out. We lost money on the sale of our last home but had made money on the sales of our previous three homes. So that’s one way to look at it. Y’all did what you thought you needed to do to secure the property. If there was some slight of hand they will answer for it eventually. Enjoy your place bro.

[acearrow]

Nice to hear. Not to highjack, but does anyone know if you can refi with them? We got hosed at the last minute and the broker had drawn up the wrong kind of loan for us. A 5 year loan! At the end of the 5 years we have to pay it off or refinance it. We were so P off! But the seller had many other offers on the property and would of just moved on instead of us having to start over on another loan. So we went with it to lock in the property. Feel like the realtor and the fiance company knew before we sat down. But did what was best for them.

Yes, there are several places advertising refi on VA loans now.
To OP, one of the biggest benefits is you do not have to pay PMI or monthly mortgage insurance premiums. This benefit is only offered on regular loans where you can put at least 20% down. This can save you hundreds per month. I believe it currently is saving me over 300 per month on my VA loan.

[bowhunter_2]

I have a VA loan and just did a Refi last month. They have a whole separate program for refinances, and it was super easy.

[Hogmauler]

I’m looking at maybe 20-30 acres at the most and will put up to 50% down depending on price of land. Looks like I missed the curve for the hill country. Land has gone off the chart there.