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Va loan question.

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nicole 1
DoUntoOthers 2
3myboys 1
picsphotography 1
GardenWitch 1
penny 2
a3772999uu 1

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picsphotography --- 12 years ago -

So I've been doing some research but can't seem to find my answer. I know that to apply for the loan after you get out you need to have proof of work for the past month. Got that part, but my question is When you go in and get approved for so much does that only cover the house? Because when my husband gets out and we go back home we live way out in the country... And I was wondering if we found some land and decided to build a house on it and it was all within the approved amount that we got would the loan cover the land also? Or just the house? 

penny --- 12 years ago -

Yes buying land & building a home is an option. Just google va loan land purchase or something similar & several articles will come up. Your biggest problem will be getting a bank to lend you money without a long work history. I know you said your husbands a vet ( or will be) but they'll be more concerned with current income. Since the va doesn't lend money they only Insure it, I would start contacting lenders so see what you'd qualify for. 

a3772999uu --- 12 years ago -

What I know is (ask your realtor to be super sure) that the VA loan does not cover for anything else besides a house. Not even for a condo! So I would think they won't cover for land either. 

nicole --- 12 years ago -

Yes it does cover land and a house it's just tricker to get approved because they have to do an appraisal and obviously you're going to be borrowing more than just the land is worth. Talk to your realtor and your va loan specialist. Get preapproved, then go from there. It's more work history than just a mo th at least it was a year ago whe we bought it was at least 6 months at the same job making the same or more. Like I said talk to a va loan specialist when you get approved and go from there. 

DoUntoOthers --- 12 years ago -

I am not sure if VA insures "just" land so you can build a home on it-last year when my husband took orders to Japan, we decided the girls and I would stay behind and settle down by buying a home. Our home sits on 5 acres, so that is proof that they will insure a home w/land. But again still not sure about just buying land.

Second, it doesn't do any good to worry about what the VA will or will not do at this point. You need to speak with a lender who knows what he/she is doing and can get you the best rate. Our lender was based out of Texas but deals with mostly military. He was awesome. We started the going through the process (I can't remember exactly when-I think February) and by June we had closed on our home. If you want his info let me know. Also, I don't know of too many banks/lenders that will be happy with only 1 month of employment info. My husband at the time had been in 17 years and they were more concerned with his last 3 and what he was going to do jobwise thatn they were anything else. 

DoUntoOthers --- 12 years ago -

Follow-up note: We did not contact the VA for anything. Our lender took care of that and then the VA contacted us about requirements and an inspection. 

3myboys --- 12 years ago -

You would have to talk with a lender first, one with VA loan knowledge. The lender will be the one approving or denying a loan/giving you a Pre-Approval. They can also tell you what the VA requirements are. 

penny --- 12 years ago -

Yep get the loan first from a bank THEN worry about the VA. We went through NFCU and NEVER talked to anyone from the VA. Just send in a bunch of papers and that was it. 

GardenWitch --- 12 years ago -

Deal with the lender first, they will deal with the VA and advise you what's covered under VA. You will just sign the paperwork.

You'll likely need more documentation than proof of one months pay. We needed two months plus 4 years of our taxes and Dh is still in the military.

As for buying land and building "later", VA only covers the land/home construction purchase if it's going to be your primary residence, and all construction has to be completed with a certain time frame. You'll need the homes plans, estimated costs to build, permits for septic/well (if needed) and all kinds of other paperwork to submit to the bank for approval, before they would even get VA on board. 

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