I am currently in a home that I purchased with a V.A. loan. It is not paid off. We are looking to buy land in the county and build a home. I would like to reuse my V.A. loan. Has anybody done this before?

Try the real estate board. There are several lenders that post there that I am sure can advise you.

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...

Depending on how much land you are needing to procure and at what cost, check out the Texas Veterans land board. They are great for low interest land loans for Vets with little cash down.

Typically you can only have one VA loan at a time, but their may be a few exceptions. Do you need both houses at the same time?

I assume cash flow is the reason you are looking at going with a VA vice a conventional? With interest rates today VA's really aren't that great and they are more of a pain to get closed. If cash is that tight I wouldn't recommend two mortgages anyway. If you absolutely need to move on a second mortgage, then you may be able to refi your existing loan to a conventional and then free up your VA for your new home, but you again need to check all the rules for a VA loan specialist. Your VA loan has to be your primary residence.

I used a VA loan on my first house and will never again go that route. It was a pain and the rate is usually a little worse. Only in a cash strapped situation is it a good deal in my opinion.

Just a few thoughts, from a fellow Marine. Don't overcommit yourself just because the VA or TX vets land board will let you.