The VA loan program was created to help open the doors of homeownership to more veterans, military members and their families. This program focuses on helping qualified borrowers purchase residential properties they’ll live in as a full-time home.
Let’s take a closer look at some of the acceptable and unacceptable uses of VA loans.
Acceptable uses include:
Unacceptable uses include:
It’s important to know that lenders are free to add their own property restrictions to this list. For example, many VA lenders won’t offer financing for manufactured homes (Veterans United does in certain cases). Others will decline to lend on properties like a working farm or a geodesic dome. Acceptance or denial from one lender does not necessarily translate into acceptance or denial from all lenders.
Disabled veterans may have distinct needs when it comes to housing. That can prove a challenge during the house-hunting stage. The VA has two grant programs that can help veterans with certain permanent and total service-connected disabilities build or modify a home to best meet their needs.
One is the Specially Adapted Housing (SAH) grant, and the other is the Special Housing Adaptation (SHA) grant. Renovations and modifications can include accessible bathrooms, bedrooms and kitchens; specially sized doorways; garages and carports; retrofitted faucets and showerheads; ramps and banisters; and a host of other important changes.
The maximum dollar amount available for these grants is set by law but can change annually depending on construction costs and other factors. Veterans interested in exploring the SAH and SHA grants can apply online through the VA's eBenefits portal or contact their nearest VA regional office (1-800-827-1000) for more information.