refinancing out of VA land loan and private construction loan

[Ross Rauschenbach]

Has anyone had experience with VA land loans?

Fannie Mae refinance guidelines state that refi funds can't be used to pay off a land contract. Are VA land loans excluded from that rule? There are some exclusions mentioned but I haven't found anything about VA loans so far.

My idea is to 1) buy a lot with a VA land loan, 2) build a 3 or 4 plex with private money, 3) move into one unit and lease the others, 4) refinance to traditional fixed ratelong term financing using rental income to help qualify for the refi.

What is the seasoning period of Rate and Term vs. Limited Cash Out vs. Cash Out refinancing? I haven't found anything in the Fannie Mae refinance guidelines regarding seasoning of primary residences or investment properties.

Thanks