Looking to purchase acreage with home using a VA loan in South Carolina
As stated above I'm looking to use my VA loan to purchase a home with significant acreage, 158 acres. I've been dealing with a local mortgage company that initially said it wouldn't be a problem. Now I'm being told I may not be able to finance with them because of the acreage, so I'm shopping around for a lender that doesn't put restrictions on acreage. Help anyone? by cdiaz1969 from Florence, South Carolina. Aug 24th 2018
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
VA is VA no matter what lender you deal with, so the answer will not change. We all underwrite to the exact same book. Standard mortgage loans lend for the home, not land. So as the size of the land gets larger, too much of the loan amount is going to the land, not the home. This is why it gets hard under standard financing to get large acreage loans. Now there are plenty of loans out there designed for large acreage lots... It is just that VA is not one of them. For VA loans in MN, WI, and SD, visit me at www.VAMortgageMN.com
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