Can I Buy Land With My VA Loan Benefit

1

• CAN I BUY LAND WITH MY

VA LOAN BENEFIT?
2
(No Transcript)
3

• One of the most common questions about VA loans
  involves
• the purchasing of land. The answer to this
  question is "under certain circumstances."

4

• This is because you have to show commitment to
  develop the piece of land you want to purchase.
  You have to get into a contract to prove that you
  require land to put a house on it.

5

• Most of the VA mortgages are set for condominiums
  and single family residences. However, the VA
  program is more flexible and not limited to only
  these types of properties.

6

• For you to be eligible for VA financing, the
  property must be occupied by a veteran.

7

• This doesn't mean that the house has to be
  complete by the time of closing.

8

• VA laws allow you to purchase a piece of land and
  then construct your home. The type of home you
  construct can be a new one,
• a mobile home, a pre-fab or original construction.

9

• The actual process of putting a house on a piece
  of land is trickier than it may seem.

10

• For new constructions, prefabs, modular and
  mobile homes, you will be required to go through
  a lot of red tape. This includes approval from VA
  officials through VA inspectors.

11

• This process is not only time consuming but also
  expensive and most financiers tend not to get
  involved in such a process.

12
To qualify for a VA loan to purchase land, the
land must have either a house already situated on
it or you must have plans to have a home
constructed there.
13
However, you cannot use a VA loan to purchase
land and wait indefinitely before constructing
your house.
14

• Therefore, if the home hasn't been constructed
  yet, submit all the construction plans for your
  VA loan to be approved.

15

• You also must construct your home according to
  the building plans you submit.

16

• This means you cannot use your VA loan to buy a
  piece of land for commercial purposes.

17

• Mobile or Prefab Homes

18
If you are planning to install a mobile home, it
will require a permanent foundation.
19
Keep in mind that it must comply with the set
minimum habitability requirements as stated by
the laws of your state, including plumbing and
septic requirements.
20

• DOCUMENTS YOU WILL NEED IF YOU WANT TO CONSTRUCT
  A PREFAB OR MANUFACTURED HOME

21
1

• The specificationsof the foundation of the house
  and a plan similar to that of conventional homes.

22
2

• You also may be required to have details of the
  line piers if you plan on constructing a
  double-wide home.

23
3

• A plot of the foundation indicating the location
  of the supporting piers. Include all drawings of
  the anchor of the foundation.

24
4

• Prepare a floor plan of the unit and the exterior
  elevation.

• It is also advisable to have photographs or
  drawings of the front and rear parts of the home

25

• unless the property is located on the site that
  is going to be appraised or if the appraiser can
  access the unit.

• These documents will be included in the
  manufacturer's installation manual.

26
5

• If the state requires that the underside of the
  property be enclosed, you will need to have all
  the details of the perimeter enclosure to
  indicate that you comply with the legal
  requirements as stated by the authorities.

27
6

• Because site conditions differ from one location
  to another, provide any revision information on
  the manufacturer's installation manual to comply
  with the local housing requirements.

28
7

• Provide any other construction exhibits for other
  on-site improvements including decks, garages,
  enclosed patios and carports in order to get
  sufficient financing.

29
Mortgage Originator Jimmy Vercellino,
specializing in VA loans, helps veterans use
their VA loan benefit to their greatest advantage.
30
Be a proud homeowner today. For more details
call 480-351-5904 or visit the site
www.valoansforvets.com
31
VA Loans for Vets 7600 E. Doubletree Ranch Road
200 Scottsdale, AZ 85258 Phone (480)
351-5904 Email jimmyv_at_fcbmtg.com
32
(No Transcript)
33
(No Transcript)