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While the VA does not have official rules regarding the amount of acreage, lenders often impose their own restrictions. Therefore, it’s vital to choose a lender willing to accommodate your needs, especially if you’re looking for more expansive properties. A mortgage broker can be a valuable resource in locating such lenders.
For instance, in a recent transaction, a property in Georgia garnered $116,000 in seller concessions—where the seller agreed to cover part of the buyer’s closing costs. Such significant concessions are rare in the competitive spring and summer months but can often be found during winter periods when the market typically slows.
One potential roadblock you may face is related to the appraisal process. Issues can arise if the value of the land exceeds that of the house significantly. For example, if you’re eyeing a property with several acres of land valued much higher than a relatively modest home, it could complicate your financing options.
Consider the story of the Georgia property mentioned earlier. After being on the market for 45 days, the seller was anxious to sell before Christmas—motivated by the desire to avoid additional stress and financial burdens.
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An additional benefit of the VA home loan is that if you plan to farm the land, potential farming income may be considered in your loan qualification. That said, this provision is reserved for those with established farming experience. So if you’ve never farmed before, you may encounter difficulties accessing this advantage.
A key strategy is to remember that you can always refinance down the line when rates decrease. If you can comfortably afford your current mortgage payment, investing in a property now—even in a higher interest rate environment—can still be advantageous. The wisdom of “date the rate, marry the house” comes into play: focus on securing the home you want now, and consider refinancing when it makes sense financially in the future.
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I can originate VA mortgage loans anywhere that I’m licensed.
I’m licensed in Alabama, Arkansas, Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin.
Additionally, our team can originate mortgages in several additional states through our corporate referral program.
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Take the 30 second mortgage quiz to see if you qualify
