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Old 03-25-2020, 07:55 AM   #1
Hogmauler
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Question 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
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Old 03-25-2020, 08:20 AM   #2
duckhunter175
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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.
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Old 03-25-2020, 10:46 AM   #3
Hogmauler
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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!
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Old 03-25-2020, 10:48 AM   #4
duckhunter175
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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!
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Old 03-25-2020, 11:13 AM   #5
doeboy11
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7.25% is not low
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Old 03-25-2020, 12:18 PM   #6
Hogmauler
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Right doe boy! Back in the day it was 6%. But is it lower than Capital Farm etc?
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Old 03-25-2020, 12:46 PM   #7
Darton
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Quote:
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
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Old 03-25-2020, 01:24 PM   #8
Hogmauler
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Dang I wonder where I should start? Lol!
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Old 03-25-2020, 01:36 PM   #9
Saddle Tramp
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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.
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Old 03-25-2020, 01:39 PM   #10
kch73
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The near zero down is the attraction i'm sure...the rate is near highway robbery!
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Old 03-25-2020, 01:47 PM   #11
Hogmauler
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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.
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Old 03-25-2020, 01:58 PM   #12
sharpstick35
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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.
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Old 03-25-2020, 02:04 PM   #13
Hogmauler
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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?
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Old 03-26-2020, 12:42 PM   #14
Hogmauler
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Anyone have a line on Capital Farm Credit? Their interest rate.
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Old 03-26-2020, 12:57 PM   #15
Cookiemonster1
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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.
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Old 03-26-2020, 01:22 PM   #16
doeboy11
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This is what I found

Land Loan Interest Rates Texas
Finance the perfect spot for your dream home
Land Loan 4 year. as low as 4.750% rate. 5.365% apr. More Details.
Land 7 Year. as low as 5.375% rate. 5.749% apr. More Details.
Land 10 Year. as low as 5.500% rate. 5.772% apr. More Details.
Land 15 Year. as low as 5.625% rate. 5.818% apr. More Details.
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Old 03-26-2020, 01:29 PM   #17
DFWPI
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Quote:
Originally Posted by Hogmauler View Post
Right sharpstick. I wasnít considering one of their properties but any that I find. Whatís the deal with the driveway that they require?
Have you reached out to a lender and spoken with them? That's what I would do first. I just got off the phone with two new clients that are looking to buy homes, first time home buyers, and that is the first thing I do/did, direct them to one of my preferred lenders.
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Old 03-26-2020, 01:37 PM   #18
Hogmauler
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I have not. My in-laws used The veterans land board and was apparently satisfied with the rates. I thought/knew they were much higher than they used to be. This is a great forum to get information from. This the reason I started here.
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Old 03-26-2020, 01:39 PM   #19
Froggy
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Unbeatable Rates for Texas Veterans
The Texas Veterans Land Board (Texas Vet) rate for the week of March 22, 2020, is 3.40%.
Texas Veterans with a service-connected disability of 30% or greater the current rate is 2.90%.

http://www.valoancenter.net/texas-vet-loans

https://valoanstexas.com/
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Old 03-26-2020, 01:42 PM   #20
Hogmauler
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Daaaaaaannnnngggg! I’ve got to get my arse in gear!
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Old 03-26-2020, 01:43 PM   #21
texan4ut
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Quote:
Originally Posted by Hogmauler View Post
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 donít!
You can put down as much as you want and reduce the balance you borrow.
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Old 03-26-2020, 01:48 PM   #22
duckhunter175
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Quote:
Originally Posted by doeboy11 View Post
This is what I found

Land Loan Interest Rates Texas
Finance the perfect spot for your dream home
Land Loan 4 year. as low as 4.750% rate. 5.365% apr. More Details.
Land 7 Year. as low as 5.375% rate. 5.749% apr. More Details.
Land 10 Year. as low as 5.500% rate. 5.772% apr. More Details.
Land 15 Year. as low as 5.625% rate. 5.818% apr. More Details.

What down payments were required at those rates and terms?
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Old 03-26-2020, 04:22 PM   #23
Hogmauler
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Good question.
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Old 03-26-2020, 04:25 PM   #24
Heath
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Make sure you reach out to Codie on there if you are looking for a land loan.

He does great work.
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