Two different considerations: there is a separate va land loan that can be used unrelated to the home loan, I guess it would just depend when you wanted to build. The other consideration is that you can reuse the va home loan even if it's still not paid off on the first one, but it's a calculation from the va as to the total they can give you. For instance if your current loan is 150,000, you may still be eligible for another 250,000 loan, etc...