How to use va loan to buy a house
Best Answer: I agree with the other answerer. You need to buy them together, like a normal house purchase, for 300k and you should be fine. Is there any reason you can't buy them together? If the house doesn't sit on the land and it's considered a separate parcel, I'm pretty sure you'll have to have them joined before you can use a VA loan for the purchase.
When I bought my house with a VA loan, the land and the house were not considered separate sales. I basically paid for the house and the land came with it. As long as you are within VA loan limits for your area (usually 417k - but this can vary by county), you should be fine.
You just need to speak to a mortgage professional
and have them help you prepare your mortgage application. You've picked a great time to do this. With mortgage rates on VA loans at record lows right now (as well as property values low in most parts of the country), you are doing the right thing to purchase if you can afford it.
VA loans offer no down payment, though I personally would put as much down as possible. If you don't have a down payment though, that's fine. You can pay down the loan later when you do have money. That's the main benefit of a VA loan. It's designed to help veterans buy a home or refinance. You've earned the benefit, so enjoy it.
Good luck. I've included a link to our VA loan page, which may answer some of your questions.Source: answers.yahoo.com