Experience with VA land loan for investing ?

[Anita Morrish]

Has anyone here used the VA land loan as a tool for an investment property?

ie: buying the land with VA , building on it and refinance or rent or sell? Or buying land , placing mobile home and renting/selling?

It’s a low money down option which is great and I plan to talk to some home builders or mobile home manufacturers but wanted to see if anyone has used this strategy

Thanks!

[Andrew Postell]

@Anita Morrish the VA land board is an OUTSTANDING option for a land loan. However, it's just for raw land. It's not for putting/building an investment property on it. Meaning, if you purchased land with the VA land board, then built an investment property, you would then need to refinance out of the VA land board either at the beginning of construction or at the end of construction (depending on your construction loan). If you found land that has a property on it...then the VA land board loan would not be an option. If it's zoned commercial, it cannot be used (so no multiple mobile homes). It's just for raw land. I think it's usually 7 acres and $150,000 purchase limit. I hope this makes sense.

Tagging @Rachel H. just in case she would like to read as well.