There are many ways to use your VA loan benefit and one of those is to purchase land to build a home on. The VA loan benefit cannot be used to purchase land specifically for the purpose of owning land. But if you are planning to build a home on the plot of land you are purchasing, a VA loan is a great way to finance your new construction.
One advantage of the VA loan is the various types of purchases you can make with a VA loan. A VA loan can be used to purchase a single-family home, manufactured home, condominium, a multi-unit property, and even a new build. However, not all types of purchases are the same with a VA loan.
If you are in the process of getting approved for a VA loan, your purchase property may or may not be required to undergo an inspection for wood-destroying insects. This requirement can add a significant amount of time to the loan approval process, so it is helpful to be able to anticipate it ahead of time.
On average, a traditional VA home loan purchase will take 40 to 50 days to close. It is possible to close on a VA home loan in as short a timeframe as 30 days, and VeteransLoans.com is known for having some of the shortest turnaround times in the industry.
