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Old 01-01-2015, 07:46 AM
 
1 posts, read 1,845 times
Reputation: 10

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I was recently approved by veterans united for a 150,000 dollar VA loan. I was overwhelmed with excitement only to be shot down by the realestate agent that was appointed to me. I told him I wanted a rural home with acreage and already had a place in mind. The gentleman then informed me that the home must be 70% of the purchase value, leaving little room for land. He then told me the most hed seen go on a va loan was TWO acres. This is the first I had ever heard of such a guideline as I have read a ton about the VA loan prior to pursuing.
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Old 01-01-2015, 08:43 AM
 
Location: Knoxville
4,135 posts, read 19,725,943 times
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I would get a second opinion from another Realtor.
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Old 01-01-2015, 09:43 AM
 
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We are fixing to put a offer in on a home in the Ozarks (today actually) and it has five acres. We are using my husbands VA Loan also. So far so good. I will update ya on what we find out through this process. We tried to buy a home with 40 acres with only a two bedroom home that needed updating. The VA wouldn't do it and we backed out of the transaction anyways. It was because the home wasn"t worth the loan amount in its self. What I was advised was that you could have the homeowner reduce the property amount with the house, charge you same amount for the house and land reduction, and then have them deed the rest of the land over to you. Of course you want this all on a signed contract before hand . Hope all goes well. And hey, don't let the realtor get ya down!!!!!!! Go find another one with more knowledge on VA Loans and a go getter attitude!!!
I have a buyers agent who is very nice but she gets spooky/ pessimistic about VA Loans. Its annoying but I am very bound and determined (can be annoying myself ) to get what my husband and I like!!! I refuse to let someone elses "spookyness" determine my attitude..
GOOD LUCK!!! WISH YA WELL!!!!
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Old 02-03-2015, 03:53 AM
 
1 posts, read 1,726 times
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Default VA loans

We are also buying and tried to use VA on a house that needs work. VA can be sticklers on homes that are not in pristine condition. Will probably go with a 203K rehabilitation loan to get the house we want.
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Old 02-09-2015, 10:02 AM
 
1,212 posts, read 1,326,819 times
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I am eligible for a VA loan but didn't use it because there were many other good offers. (not advertising) I went to Navy Federal Credit Union and they had a better deal. I am almost certain that as long as you are a Veteran or family member of a Veteran you can join.
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Old 02-16-2015, 06:28 PM
 
Location: Knoxville, TN
132 posts, read 144,445 times
Reputation: 92
Default VA Loans are not always the best way to go!

VA loans can be very different. As far as what the current guidelines, you should talk with a financial institution to get the latest information before going house shopping. A "pre-approval" is not always enough information when there are so many types of loan scenarios to consider out there especially since you are looking for acreage. They can explain the differences better for your situation. Real Estate Agents are not financial experts! They have enough to keep track of for what they get paid.

As far as buying acreage with a VA loan, even back in the 70's when my parents bought with VA loan the appraisal could only was based on up to 1 acre with the house. My parents got a very good deal on the house at the time, but had to pay the difference between that and the offer price to get all 3.5 acres. I do not know what is the policy is now and wouldn't want you to depend anybody except your bank or credit union for that info...

I know you have served our country and believe they have blessed you with a VA loan benefit. The closing costs you pay up front can seem like a deal but only because of what is rolled into the note. From my personal experience, the overhead for VA loans is higher than most and will cost you more than most types of loans over time. The inspection can be more strict as well.

You may find out (like I did...) that it is only a good deal if you don't have the money down and can play by their very limited rules. I have bought 4 houses and (each time) VA Loans have never been suitable for my purposes. The first 2 were not fixer-uppers either...

Good luck in your search and welcome to the area!
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