Can I get land financed thru VA, 737 fico
Property includes a home but land covers 17 acres. Will VA finance this and what is the maximum amount for both land and home on site. by jeromelmoor7846362 from Rochester, New York. Aug 7th 2014
Gene Neal (eneal@athccorp.com)
#31 ranked lender in New York - 281 contributions
Yes it can be done as I have completed the transaction before. The main thing is if it is common to the area. If so they will allow the excess land to be included in the value. If not then they will cutoff the extra value for land. Have you used your VA benefits before? That's how I can determine your maximum loan amount.
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions
It's possible, subject to the appraisal but it's possible that the land may be too much of the total value of the property which could create a problem. The normal maximum VA loan in the Rochester area is $417,000.
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