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Mortgage Options Questions--VA Loan and Land as Collateral
Posted on 6/29/12 at 9:40 am
Posted on 6/29/12 at 9:40 am
Ive sold my house, have 20 acres of land I own outright and have yet to apply for a VA loan after 10 years in the Marines. My question for mortgage experts out there is this: how can I parlay all of that into a competitive construction loan and future mortgage? I stand to make about a 25% profit off my current home when we close in a few weeks.
1
Posted on 6/29/12 at 11:05 am to BoudinJoe
you can thank me later for this advice! since you own the land already you will need to get a construction loan to build the home(local bank is the best place for that) VA does not do constuction loans. once the house is built you will need to do a permanant loan as it is called.Since you have owned the land for 6 months at least you can do a VA puchase loan at that time. You will have to pay some interest on the construction loan during the build period but once its done you can use your VA loan.
Posted on 6/29/12 at 11:17 am to hawkeye007
What he said. Once you are 90 days out from construction being complete, start the va loan process.
Any mortgage will have your land (and immovables thereon) as collateral.
Any mortgage will have your land (and immovables thereon) as collateral.
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