Announcement

Collapse
No announcement yet.

VA Land loan vs everyone else

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    VA Land loan vs everyone else

    So is the only advantage to using the V A zero down and 7.25% interest rate? I’ve heard they can take longer and are a little more particular about certain things. Can improvements on property reduce interest rates? Can you get a better rate from a bank or Capital Farm Credit etc etc

    #2
    VA doesn't do land loans. They will do a loan for land in conjunction with a construction loan for your primary residence or land that already has a residence which will be your primary residence.

    I think you might be referring to the Texas Veterans Land Board which offers loans on land only.

    They require 5% down for a 30yr note and only lend up to $150,000.

    Comment


      #3
      Correct. My bad. The Veterans Land Board. So the advantage is less down and a smaller interest rate. But the less down the larger the note. Danged if you do danged if you don’t!

      Comment


        #4
        Pretty much! But my understanding is the most time land only purchases require large downpayments and won't do a long note-- so you are out less up front but you can only get $150,000 which definitely limits the size of your spot!

        Comment


          #5
          7.25% is not low

          Comment


            #6
            Right doe boy! Back in the day it was 6%. But is it lower than Capital Farm etc?

            Comment


              #7
              Originally posted by Hogmauler View Post
              Right doe boy! Back in the day it was 6%. But is it lower than Capital Farm etc?
              7.25%,currently, is not even close to being competitive! Shop around

              Comment


                #8
                Dang I wonder where I should start? Lol!

                Comment


                  #9
                  Tx. Land board properties used to be riddled with problems. Their listings might have old pipelines or tanks on them that you had to pay to resolve.

                  Comment


                    #10
                    The near zero down is the attraction i'm sure...the rate is near highway robbery!

                    Comment


                      #11
                      I’m surprised by the comments regarding rates because I assumed that the land board was doing the best they could for the vets. Hopefully we can hear from some finance guys on this.

                      Comment


                        #12
                        Don't buy one of the properties they have listed, those are all repo's. Find one you want and use them ti finance it. Yes, you are limited to $150k but you can pay that off quickly ( the rate matters less when you make extra payments) and then buy another. they were really easy to work with and never even had to meet anyone in person, it was all digital. they do only finance land so if there are structures they wont be included.

                        Comment


                          #13
                          Right sharpstick. I wasn’t considering one of their properties but any that I find. What’s the deal with the driveway that they require?

                          Comment


                            #14
                            Anyone have a line on Capital Farm Credit? Their interest rate.

                            Comment


                              #15
                              Our Veterans deserve way better than what the VA Loans provide. Better than what they used to be but still not good enough for Vets in my opinion.

                              Comment

                              Working...
                              X