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Roger, Lawyer
Category: Real Estate Law
Satisfied Customers: 31684
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I want to get a VA loan in Georgia mortgage on a home

Customer Question

I want to get a VA loan in Georgia for a mortgage on a home that is on Georgia power leased property. Can you tell me if this kind of loan is possible on leased land?
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  Roger replied 2 years ago.
Hi - my name is ***** ***** I'll be glad to assist. Is the mortgage for a mobile home or a traditional home structure?
Customer: replied 2 years ago.
Traditional home structure
Expert:  Roger replied 2 years ago.
Ok. Thanks. It is possible to obtain a mortgage for a structure on leased land, BUT it is often difficult to obtain financing for any period longer than the lease period....and when you do that, you're really not building much equity because once the lease expires....your property is landlocked.
Customer: replied 2 years ago.
So if the lease is say 15 years I can only finance for that period of time... I was told a va loan might be a problem for a leased property ... Is it possible or not.
Expert:  Roger replied 2 years ago.
The maximum loan term would mirror the lease term. Also, a VA loan is going to be much more restrictive than a traditional bank you certainly could run into trouble.
Expert:  Roger replied 2 years ago.
It is very likely that the VA rules would disallow a mortgage on leased property or it would require special consent to get it approved....which would likely be difficult to obtain.