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A Curious User
2 years ago
I am a retired veteran and found a single family home that I'd like to buy using my eligibility. The listing agent told me that the property for sale sits on 12 acres of land. I have been informed that the VA guidelines would allow me to do this with VA financing. Does anyone know for sure if this is allowed?
 
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Joe Wallace
2 years ago
In addition to the answer already provided below, I wanted to add that when borrowers are trying to purchase farm residences, similar rules apply--the loan is for the residential value of the property, not the commercial value. So the land issue is, as Jerald says, tied to the residential nature of the purchase.
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The VA has no acreage limits as long as the property is not producing income. The problem most associated with large acreage sites is that these properties are generally in rural areas with large lot size variances and little in the way of sales activity.

While each VA lender uses VA guidelines as a minimum standard, they have the right to add an overlay and create their own acreage limits which may reduce the lot size requirements applied to VA loan borrowers.
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Eric finance
a month ago
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