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VA borrowers are expected to live in the properties they purchase.
Sounds like a novel concept, right? But the issue of occupancy is important, not to mention often confusing, especially for first-time home buyers.
These flexible, government-backed homes can’t be used to purchase investment properties or vacation homes. VA loans are for primary residences, so much so that the agency has developed occupancy requirements to ensure homeownership is the ultimate end.
Veterans and active duty personnel who secure a VA loan have to certify that they intend to personally occupy the property as a primary residence. Essentially, home buyers have 60 days, which the agency considers a “reasonable time,” to occupy the home after the loan closes.
But some buyers may find that two months isn’t enough time. The VA does allow homeowners in certain situations to go beyond that 60-day mark, although occupancy at a date beyond one year is generally unacceptable.
Occupancy rules can be especially important for active duty personnel.
The VA allows for a spouse to fulfill the occupancy requirement for an active duty military member who is deployed or who cannot otherwise live at the property within a reasonable time.
There are also some unique situations where the spouse of a veteran can fulfill the requirement if employment issues are making reasonable occupancy difficult.
But both single and married service members can provide what the VA considers “valid intent” to occupy when they’re deployed from their permanent duty station. This provides a degree of breathing room for homeowners who are still actively serving our nation both at home and abroad.
It’s important to note that VA lenders are required to factor in the cost of a couple’s separate living arrangement. That means any rental costs or other expenses associated with the separate housing situations can be factored into the overall debt-to-income ratio and other key metrics.
There’s also a unique wrinkle for VA Streamline refinance loans. In these cases, veterans only have to certify that they previously occupied the home. So, for example, a veteran who buys a home with a VA loan and then gets transferred overseas can rent out the home and still refinance that existing mortgage based on prior occupancy.
Photo thanks to US Army Africa via Flickr Creative Commons
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133 Comments
Just want to refi my house, 92,000.00, maybe some cash out for improvements.
@Terry: The VA Cash-Out Refinance allows qualified borrowers to refinance up to 100 percent of their home’s value and use the cash for improvements and other projects acceptable to the lender. We can definitely help you with a Cash-Out Refi. You can call 888-212-1958 any time to speak with a VA refinance specialist. Please let me know if you need anything else.
I have a question. :/ So, is this meaning that the home can never be rented out? As in, what if I buy a home using my VA Loan, and in, say, 15 years I move elsewhere or marry someone who needs to live elsewhere? Do we HAVE to sell, or can we rent it out? I’m not saying that’s what is going to happen, but I’m just needing clarification. Thank you!
@Erica: There are situations that would allow you to rent out your home and purchase a new home in a different locale using your VA entitlement. The specifics can get a little tricky, and your purchasing power can be limited in some cases. You can email me at chris@veteransunited.com if you want to talk more about your specific circumstances.
I would like to use my VA loan to purchase a home as a primary residence for my son. Is that possible?
@Devon: Unfortunately, no, you would have to intend to live there as a primary residence since the mortgage would be in your name in order to meet the VA’s occupancy requirements.
my dad is a ww2 vet, and moved in with me {his son}. he has never used his housing benefit and this is his primary and only residence. is he able to use his benefit with me(non-vet}? ken
@ed032aa6d71b105910324ece2f25f210:disqus : Unfortunately, no. He would have to qualify for a mortgage without your income. VA allows documented gift funding to cover things like closing costs and down payment.
my husband(vet) and i (not a vet) are wanting to by a house however we are claiming bankruptcy this year…how long do we have to wait before we can get approved for a VA loan to purchase a house…..
@Japcher: Depends on the type of bankruptcy. It’s typically a two-year wait, but there are times when a person with a Chapter 13 can be eligible after a year. That’s what the VA says. But that doesn’t mean that lenders will follow that.
we are claiming chapter 7…we have no homes or anything of the like that we are claiming on the bankruptcy its all unsecured debt….does that make a difference to a lender or not…..if so what are some recommendations that you may have for us to further our dreams of owning our home….
Unfortunately, it doesn’t make a difference. Rebuilding your credit will be the key during that time. I would point you to our Department of Secondary Approval, which works with veterans and active military for free to develop a plan to boost their credit and get on the path to prequalification. You can reach a DSA credit specialist at 888-392-7421. Wish you good luck.
My boyfriend (soon to be fiance) and I are looking to purchase a new home. Is there anyway to take advantage of the VA loan without being married? I doubt he will be able to qualify for the full amount needed without my income and such. Any suggestions?
My wife and I are currently stationed overseas and she has orders to go back to the states, we are looking to buy a home where she will be stationed. I have seperated from the service and work as a government civilian overseas. Can we use my VA loan to buy a house for us that I may not live in right away, it could be a year to year and a half before I occupy the home?
@Aaron: Would your wife be living in this home while you’re overseas?
My wife and I currently work overseas, however, her job is being transferred to the states. I am retired military and work as a government civilian. We both have permanent residence in Texas and we want to use my VA to buy a house. Everything is approved, but my set back is the occupancy requirement. What are the some unique situations where the spouse of a veteran can fulfill the requirement if employment issues are making reasonable occupancy difficult? My wife will have full POA and we will both be there for the closing. I even submitted a letter stating my rent while my wife occupies the house. I will even get a notarized letter stating intent to occupy. The military already moved all of our household goods to Texas, so we have no furniture overseas.
@Maldob62: Apologies for the delay. Email me at chris@vu.com if you’re still dealing with this situation.
My husband and I own a home that we will be renting out. The house has a conventional loan on it. We are having a new house built that we are using our VA loan on. In calculating our ratios, the bank said our back-end ratio was too high somewhere around 60% because they are calculating a portion of the mortgage payment from the house we will be renting out into the ratio for the new house. Is it common practice for banks to do this even if the rental amount covers the full mortgage payment?
@Lburgess5: Do you have a signed lease on that property? And for how long? This sounds like more of a lender-specific practice.
Yes, typically only 75% of rental income will be considered income for qualifications.
Kevin Goodwin
Keller Williams Realty
Cape Cod and Plymouth Mass
774-766-7462
My husband is trying to purchase a house and I am his POA. The underwriter is stating our POA is invalid as it’s not specifically stating his notice of intent to occupy the residence. From what we have read, it looks like the notice of intent and entitlement can be listed either in the specific POA or in other documents or the sales contract and UFLA. There’s no way to get a new POA as my husband is overseas. Is that completely necessary to have a new POA state the notice of intent? Is the underwriter mistaken?
VA loan however can be simpler than a conventional home loan. At the same time there are more options for what kind of home loan you want to have as well.
I currently have a home with a VA loan that I ahve lived in for 3 years and I was looking to refinance. Just as I was looking to refinance I received military orders to move. I am inquiring to know if I can refinance the home, rent it out, and then move to my new duty station?
@SeattleGuest: In short, yes, this general scenario should be workable. You can talk to a refi specialist at 888-212-1958.
My husband and I are caregivers for our seriously wounded veteran son since 2006. He wants to remain with us, but we need more room to accommodate his needs, friends, and other things 30-year-olds enjoying doing. Is it possible for my husband and son to get a home loan together, based on both their incomes, by combining a conventional and va loan? We don’t want our son to foot the whole bill if all 3 of us will be living in the house. He is paralyzed and wheelchair bound and would be using the lower level of a home that would suit all our needs. What would you recommend we do concerning a mortgage loan?
@Jlgivens: Can your son qualify for a VA loan with just his own income?
VA loan there are a few factors that need to be regarded. First, with this interest rate there is no needed PMI expenses which are normally needed for a conventional loan.
My wife (a vet) and I (Active Duty) would like to purchase a home but we won’t be able to move in for a few years (though it is definitely our intent to move into that house). Can we purchase it now and move in more than a year down the road? If not, can my wife move in for a year or so then move back in with me with the intent of us both moving in in about 3 yrs? Can the builder use the house as a model home until we move in?
@McGowan: You can’t purchase and move in more than a year later. A spouse can fulfill the occupancy requirement when the veteran isn’t able to be there, but the kind of scenario you’re describing isn’t likely to fly with a lender.
We purchased a house in Oct 2011 with a VA loan. Then my husband lost his job and finally found a job out of state. I found a job there as well, but we can’t get our house sold. We have been staying with friends the last couple of months but need to get our own place in our new location. We will rent in our new location and would like to know if we can rent out the house in our old location?
@JoAnne: Yes, you should be able to rent your old place. You could even purchase again using the VA loan depending on how much of your entitlement is tied up in your old property. You can talk to a loan specialist at 888-212-1958 to learn more.
My landlord rented a house to me 2 years ago and I just found out he has a VA lIan on it. He is no longer in the service. Can either of us get into trouble over this since he doesn’t occupy the house?
I am active duty and my husband is recently separated we own a house at my current duty station. My EAOS is in 12 mos and we have inteneded to return to my Home or record since we got married. We found our dream home in my home town for wayyyy less than we planned to spend…we applied for a VA loan in my husbands name since the current house is under mine and the bank says we cant get the loan b/c i wont be able to move in in 60 days…we have every intent to move in ASAP but they say we have no wiggle room unless I have a job offer in writting proving i will be moving there….does that sound legit??
@08e2eea6c45501a3ec5d29c36a494b84:disqus: Yes, it sounds legit.
I just bought a home with a VA loan and have lived in it for 3 months, the lender knows I got orders overseas when I applied. What can I do without getting in trouble with owner occupancy requirements. I leave in 2 months.
@Roger: Is the lender saying they have a problem with it?
I am a veteran from the Marines. I am looking to purchase some acreage in Texas for hunting and recreational/vacation purposes. I am also a Peace Officer with the Sheriff’s Office. Am I eligible to use my VA loan for this type of property? Please respond ASAP. Thank you.
@Deputy: No, you can’t use a VA loan for a property like this.
I’m a military spouse and my husband gets out of the military september 2013 but where wanting to maybe use his va loan In march 2013 and my child and I move to get things settled can we do that or do we have to wait till September 2013
@amberpollard:disqus: A spouse can fulfill the occupancy requirement for a VA loan. The issue may be more about your husband’s employment and income situation post-separation.
My husband is a veteran and we purchased our home with a va loan 13 months ago. We had every intention of staying here, but now he may be relocated because of his job, and we would have to move. Are there any “timeline” rules, as far as selling it or possibly renting it out? If the relocation does go through, it will be fairly quick…
@kat: You should be fine at 13 months. If you find yourself wanting to purchase in the new location and you rent the house, you can count the income toward another mortgage if you have a signed copy of a lease and the security deposit. Otherwise you would need two years of tax returns as a landlord.
Can I use a VA home loan to purchase land and build a new home on the land?
@NJCharlie: Yes
Chris,
I have a VA home loan and have been in a primary resident for 2+ years. I’m interested in starting an e-commerce (online) business and want to create the business entity using my home address. I heard somewhere VA loans have to be for residential purposes only and business entities are unacceptable. Can you clear the air for me?
Chris thanks for taking the time to answer this. I purchased a home in 2001 with a VA loan, thanks to the poor housing market in our area I haven’t been able to sell it for what I owe. My wife and I make considerable more income than we did in 2001 and want to upgrade our home, can I use my VA certificate to purchase a new home and then rent our old home or would i have to sell or refinance it first. I need help to clarify this
No guarantees, but you may be able to do this. You can talk to a loan specialist here at 888-212-1958.
My father and I (daughter with husband) wants to buy a home along with my dad using his VA loan. Can we do this?
I’m not sure how many people are involved here. The only acceptable co-borrower on a VA loan is a spouse or another veteran.
Can i use the VA loan on a multi unit property? If I live in the property .. for instance a 6 unit building that I live in also??
I went through the same situation and the guidelines were 4 units and below and you do have to live in one.
Along this same line of thought, I am looking into purchasing a property that has a duplex and 2 single family residences on 1 piece of land. Will that fall under the 4 unit maximum. I intend to live in one of the single family residences.
@Mike: A lender would likely need more information on this to make a call. You can talk to a Veterans United loan specialist at 888-212-1958.
Can I use the VA loan to purchase 20 acres and build a house on that land for me to live in?
You may have some issues with the acreage in terms of finding comparable properties and making it through the appraisal process. There’s also a potential issue in terms of the value of the land versus the value of the property.
I am working on getting stationed in my home of record and I want to buy my house there while I am currently deployed. I am stationed in GA, but my home of record is MD. How exactly should I go about this as a single deployed active duty soldier?
You can talk to a loan specialist about what might be possible and how to get started at 888-212-1958.
I bought a home with the VA in 2004, lived in it for 4 years and had to PCS. We are now renting it out, due to my PCSing to VA. Can we use VA to refinance the home to take advantage of the current low interest rates?
If you qualify for a VA Streamline, then yes, you likely can. You don’t need to currently live in the home to use this.
I am purchasing a home using my VA home loan for my primary residence while I finish graduate school, however, I had thought the minimum occupancy requirement was 2 years, is it not? What is the minimum occupancy requirement on a VA home loan before I can either re-sell or rent it out?
Thanks.
Check with your lender.
I live in a Mnfctr’d home..a 2000 model Fleetwood..2300 sq ft on five acres. Currently have a convent. loan at 5.125%..can I re-fi on this home..I am in Florida and have been in this home for 12 years. We would like to get down to a lower rate today? Thx..Semper Fi..1982-1986 Beirut (Combat) Vet
You can use your VA loan benefits for a mobile home. It’s just tough right now to find a lender who will loan on them. Email me at chris@vu.com, and I can send you a list of companies that at least used to.
I have recently been made aware of an employee who bought another home in the same development with VA Financing and lied to them that this would be her primary residence just to get the loan. That was stated by her to another neighbor outright that she only claimed that just to get the loan. What is the fine or penalty if she gets caught and is the employer liable for information that they have become privy to but did not report to authorities or the VA.
Mortgage fraud is a crime.
I’m planning on living in another country. Am I able to receive a VA loan if my primary residence is over seas?
No, unless you’re in a U.S. territory.
I bought this home with VA in Dec 2011. I am planing now to move back to Calif. when I graduate from college with my BS in business in May of 2012. Can I sale this home at that time? Or do I have to live in the home for two or more years? Thanks
My wife(civilian) and I(AD Military) would like to purchase a home in New Hampshire, I am currently stationed in Maryland. I have 4 years until I separate. Residing 7 hours apart would not be an issue for us. She currently lives here with me, however, she is considering moving back home to NH to take up her previous job. (the job market is not as good for her particular work here) So, can my wife fulfill the occupancy requirement for a VA Loan? It just doesn’t make sense for both of us to rent apartments, throwing money away for 4 years.
You would want to check with a lender. In general, yes, a spouse can fulfill the occupancy requirement.
My fiance’ and I are wanting to purchase our home that we currently live in, does he have to have his higher up people sign anything or can we just go and see a lender and get everything done.
You can talk to a lender anytime. You won’t be able to be on the mortgage with him (or count your income) until you’re married, though.
My father n law qualifies for a VA loan. He wants to purchase a house for my husband and I Is this possible? We would reside in the house and pay the mortgage then eventually would like to transfer the title into our name
Only if he lives in the house with you.
I purchased a home with my VA loan when I was single. Now im married with three kids and my house I brought 6yrs ago is too small. We are underwater and cant sell it. Can I rent my house and and buy with one my new wife?
You’re wanting to buy the new one using your VA loan benefits?
my husband and I would like to purchase the home we are renting.. Can we do this with a VA Loan?
@Amanda: You may be able to do so. You can talk to a Veterans United loan specialist about what might be possible at 888-212-1958.
We bought a home in 2011, refinanced in 2012 and now the military has dropped PCS orders on us (Only one month after refi) What are our options?
@Marc: Generally, it’s sell or rent. You may also have some protections under the Servicemembers Civil Relief Act.
Preparing to buy first home in my home of record in CA. Currently stationed in KS. I wanted to buy the home with my father as a co-signer (doing non VA) but I am being told that since only my father is living in the property that this would be considered an investment property even though neither of us currently own a home. Does this make sense?
I have every intention of occupying the home once my military obligations end.
@Paul: Only a spouse or another veteran with VA loan entitlement can be a co-borrower on a VA loan. The VA generally wants occupancy within six months, although in some cases you can go to a year. A spouse or a military dependent can fulfill the occupancy requirement, but not a parent.
My husband and I just recently married. I have been a homeowner for approximately 8 years. We would like to refinance using a VA loan, but are concerned about occupancy rules. I currently occupy the home, but he is stationed elsewhere. I will continue to occupy the home until we can negotiate a proper living situation (i.e. employment, potential moving expenses, etc). We don’t currently have a time frame, but obviously we’re leaning towards the sooner-is-better-than-later approach. If I were to move out at some point not long after closing, would that be in violation of any occupancy rule? Thanking you in advance for your assistance.
@Angela: Would you be refinancing a VA loan?
I am currently deployed in Afghanistan as a contractor and want to buy a home back where I live in Boise, ID. I already rent a house there and it is what I consider for tax purposes to be my primary residence. If I buy a home, my stuff will occupy the home and I will receive all my mail there as well as pay taxes from that location. I was told by my LO that I would still have to consider this to be my second residence and I could not use my VA loan. Is this true or is she mistaken?
@Steve: You wouldn’t be able to meet the occupancy requirement unless a spouse or a dependent can live there, and even then you’d have a year at most before you would need to live there full time as your primary residence.
I guess where I’m confused is that if I’m purchasing this home as a “second residence” where is my first one?
@Steve: It’s not an issue of a first residence or a second residence. I don’t know why your LO said that. It’s an occupancy issue. It doesn’t matter that you get mail there, have stuff there, pay taxes there, etc. You have to live there in order to meet the occupancy requirement. Spouses and dependents can fulfill that requirement, but only for a certain window of time.
My husband is active duty and will be retiring in June 2013. We lived in our home for 6 years and had to move due to his change of duty stations the last 8. We are looking to refinance on our home before we move back into it in June. We have been told that since we don’t live in our home it is considered an investment property ( and because we don’t get mail there) and that if we refinance now we would only be allowed 75% of the value and would only get 100% of the value only if we lived in the home. So should we wait to refinance or do it now? Plus, how can they see it as an investment property if that is our primary residence and are moving back into it after my husband retires?
@Kristie: Do you have a VA mortgage on this property?
Can you use cash proceeds from a VA Cash out loan to purchase rental property? In other words, can the cash be utilized for any use?
@Dan: The lender has to approve of the use.
I am currently military, and I bought this home 3+ years ago with my VA loan. I am now married with 2 kids and my wife and I decided to refinance to get a lower rate. Now my wife is pregnant with our 3rd child and our mother in law is also moving in with us. This 3 bedroom 1.5 bath house isn’t big enough. Are we able to rent this house out being it has a VA streamlined refinanced loan and buy a bigger house with a conventional loan?
@Steven: This may be possible. You can talk with a loan specialist here about your options given the VA Streamline at 888-212-1958.
My husband is Active duty and I am an eligible veteran. We own our house in NC, on a VA loan. We are PCSing to Indiana and would like to purchase a home; we are planning on selling our current home. Can I use my COE for the new home in Indiana and my husband keep his VA loan on our current home? I do not have a source of income, so I figured it would not work. Technically he would be on two VA loans at the same time, one as the eligible veteran and one as a spouse. Thanks for your help!
@Michelle: You’d be hard-pressed to get qualified without income. But depending on how much entitlement is tied up in the NC property, your husband may be fine to obtain another VA purchase loan for a property in Indiana. You can talk to a loan specialist at 888-212-1958. They can let you know where he stands and what might be possible.
Bought a short sale house in Jan 12 using VA loan through Coldwell Banker. Got laid off and can luckily sell for a small profit. Does the VA or mortgage company have a minimum requirement to occupy a home? I cannot find a requirement. I know you need to occupy a home for 2 years to not pay taxes on the capital gains and I also know that there are some exceptions to capital gains rules too. Since the VA only backs the loan, are we OK to sell at 14 months occupancy? We are not going to let the buyer assume the VA loan. Appreciate your thoughts.
@Tammy: You would want to check with the mortgage company to see if they have any requirements about this.
I am AD military and I am stationed in Lemoore, Ca. Can I apply for a VA home loan to buy a house in Sacramento, Ca? I am planning to stay in Ca my whole career
It’ll depend in part on when you plan to actually be in the home.
My husband retired from the USAF after 20 years service.
He moved to Australia where he now lives and works.
My husband is a US citizen but has permanent residency in Australia
He would like to buy a home where we can spend 6 months of the year, the remainder of the time it will be unoccupied.
It will be his first home loan in the USA.
Is he eligible for a VA loan?
The home and loan will be in his name (I am an Australian Citizen) and we would like know if this is possible?
@Helen: The VA wants homes to be primary residences that are lived in full time, year-round. So this wouldn’t be an option using the VA program.
I am active duty getting ready to PCS back to the states from Guam and will be in school for approx two to three months before reporting to my next duty station.
Questions:
-If I find a place before i start school and it will be just over 60 days before I can move in, will i still be eligable for VA loan?
- I will more than likely live in the house for three years and pcs again. Can I rent that house out or will I have to sell it?
Thank you for your help.
@Michael: Thanks for writing and for your service to our country. Sixty days is typically the max in terms of occupancy, but you may be able to get by. You would also likely be able to rent out the house when you leave, and if you have at least a 12-month lease and a copy of the security deposit from tenant(s), you could also use that income toward another mortgage at your new duty station if you wanted to buy again. You can talk to a loan specialist here about what might be possible at 888-212-1958.
Thank you for your quick response
My husband is active duty and has property at our current location. We want to renovate this property, however we will be pcsing two months after its targeted completion if our timeline of all the process goes as planned. Could we still use the Va loan with that small wrinkle that he had occupied that home before and it is already under his name with no mortgage attached to it? We just want to get a loan out to renovate it. Hope I made sense. Thanks.
The VA program doesn’t have a home rehab/repair loan. You would need to pursue a Cash-Out refinance or a home equity line of credit.
Thank you so much.
I want to buy a home in Ohio, I will be returning there after I seperate from the military in 1.5 years. Currently stationed in Maryland. My question is am I even eligible for a VA loan? And if I am, can I lease or rent out that property until I move there? The info I’ve found online just says “VA loans are not approved for investment properties” which totally makes sense. This is not an investment property, I fully plan on living there, just not for another year and a half. I want to lease or rent it out just to help cover the mortgage, not trying to make any money here. Thanks in advance for any thoughts you can offer.
@Jim: Thanks for writing and for your service. The VA program has occupancy requirements, which require borrowers to generally live in the home within six months of purchase. There are exceptions that can stretch it to a year, and a spouse or military dependent can fulfill this requirement for you. But you wouldn’t be able to buy a home and then rent it out for 18 months before moving in.
myself and my husband are prior military with VA eligibiliy-my son is currently on active duty and about to be stationed overseas. He has guardianship of a teen who will be in my care while he is deployed-can we purchase a home together as co-borrowers and satisfy the residency requirement for my son (via his dependent) and us residing in the property? What if one of the veterans has a low credit score?
@Vicki: Definitely one of the most interesting questions I’ve seen. A couple things come to mind. One, is the teen officially a military dependent? I believe there are specific forms and paperwork that have to be completed with the VA. Two, everyone on the mortgage would need a qualifying credit score.
Thank you for your prompt response; yes he is an official military dependent and will be 18 upon his guardians return.
Is it true that you can only rent to other veterans when using va loan to purchase multifamily housing where the rental income will be considered as part of the mortgage repayment? What if no veterans apply for your housing? Are there any exceptions if this is true? I don’t live in an area with a large number of veterans.
@Nick: I’ve never heard this before.
My deployed husband and I are buying a home several States away from where he is stationed for when he retires from active duty. The closing date is approximately 90 days prior to the date he’ll sign out on terminal leave. We can move some things into the house within the sixty days, but won’t be living there full-time until 90 days. Is this going to get us in trouble?
You would want to discuss this with your loan officer.
Hello,
Both Me and my husband currently live and are employed in Chicago. I was just offered a job three hours north in Wisconsin and we are planning to use his VA loan to purchase a house there at least eventually. My question is if I have a new job in another sate and will be using the house as my primary residence, can we still use both of our incomes to qualify even if the other stays employed in Chicago for the time being? The plan would be for him to move up there once he finds employment as well hopefully quickly. This would be our first home purchase and I am concerned about both the occupancy requirement (he would only be at the house on weekends to begin with) as well as the requirement of being employed at the same job for at least two years. If we both move does this mean we would have to rent for at least two years even though neither of us have any gap in employment but different employers? We both have been at our current jobs for over four years. Thank you for your time.
Thanks for writing. This is a situation that a lender would need to look at in much more detail. There’s a lot of “ifs” and “buts” given the info. You can talk with a Veterans United loan specialist about what might be possible at 888-212-1958.
Chris, thank you for your fact-filled and user-friendly website.
My question concerns the Veterans’ Benefits Improvement Act of 2008. Is a lending institution required by law to increase their amount of funding to 100% (from a previous 90% level) for a re-fi from a conventional loan to VA-backed loan?
I’ve been getting the run-around and am still being quoted at every turn that a re-fi to a VA loan can only be financed at 90%. My home is in Las Vegas and I’m lucky to not be upside-down, but the appraisal came in right at what I owe. So, refinancing at the 90% level would force me to bring a large amount to the table at closing. If I could get 100% funding, I would just be looking at the cost of the re-fi at closing.
Thank you for your time. I look forward to your reply.
@Patti: Thanks for your kind words. I’m glad you find it useful. Lenders are allowed to go up to 100 percent, but not all can or choose to do so. Some will do 90 percent or 95 percent. It varies from lender to lender. Veterans United can do 100 percent on a Cash-Out in some cases. You can talk to a refi specialist at 888-212-1958. Let me know if you need anything else at chris@vu.com.
I have a friend who has a VA Loan. He just got a divorce, and the court is allowing his ex-wife to stay in the home. Is this allowed through since the veteran no longer lives there?
@Melanie: Probably a question better suited for an attorney.
My husband has never used his VA benefits, we had our primary home (conventional loan)foreclosed in May 2011, can we qualify for a VA loan now? or how much longer do we need to wait?
Also, if we wanted to stay in our current duplex, can we refinance with the VA loan if we owe more than it is worth?
@Linda: Generally it’s a two-year wait. You can talk to a Veterans United loan specialist about what might be possible at 888-212-1958.
If I sold my current house and moved into my new house that I am buying before it closes will this cause an issue?
@Peter: Are these both VA mortgages?
I am a Vet currently a contractor in Afghanistan never owned a house what are my chances at getting a house in Charlotte NC. with the VA credit does meet the VA requirements.
@Todd: It may depend in part on how much time you spend in the U.S. every year given your job. There are occupancy requirements on VA loans. You can talk with a Veterans United loan specialist to see what might be possible at 888-212-1958.
@McGowan: You can’t purchase and move in more than a year later. A spouse can fulfill the occupancy requirement when the veteran isn’t able to be there, but the kind of scenario you’re describing isn’t likely to fly with a lender.
@Jlgivens: Can your son qualify for a VA loan with just his own income?
@SeattleGuest: In short, yes, this general scenario should be workable. You can talk to a refi specialist at 888-212-1958.
@JoAnne: Yes, you can. If you decide later you want to purchase in your new location, you can count that rental income toward your mortgage provided you either have two years of tax returns showing that you’ve been a landlord or you have a copy of the lease and the deposit check.
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[...] VA loan benefits to buy an investment property or a vacation home in the Poconos. VA loans are for primary residences, with few [...]
[...] purchase loans come with occupancy requirements that only military members or their spouses can fufill. These government-backed loans are for [...]
[...] purchase loans come with occupancy requirements that only military members or their spouses can fufill. These government-backed loans are for [...]
[...] purchase loans come with occupancy requirements that only military members or their spouses can fufill. These government-backed loans are for [...]
[...] and other VA homebuyers can have a dependent child live in a new home in order to satisfy the VA’s occupancy requirements. Only a spouse can fulfill that requirement at present, which can put homeownership during [...]
[...] and other VA homebuyers can have a dependent child live in a new home in order to satisfy the VA’s occupancy requirements. Only a spouse can fulfill that requirement at present, which can put homeownership during [...]