Across the Veterans United Network, we field tons of questions from military buyers and sellers. One of the biggest areas of uncertainty centers on the acceptable uses of a VA loan.
“Can I use a VA loan to build a house?” “Can I buy a mobile home with VA financing?” "Does the VA fund business loans?"
VA loans are guarded by very specific regulations and requirements. Only certain properties are eligible for VA financing, and pursuit of an ineligible property can seriously delay a purchase.
For the best odds of a timely purchase, limit your house hunt to properties that can easily qualify for VA financing. Whether you're an agent or a buyer, you need to know whether you're qualified to use a VA loan, and if your property meets the standards for a VA loan.
Keep in mind that lenders are free to add their own property restrictions, as well. Some lenders are extremely strict with their funds, while others are more flexible. Thus, a denial from one lender does not necessarily translate into a denial from all lenders.
Let us know if your desired purchase doesn't fit neatly into one of these categories, or if you'd like to learn more about lender-specific regulations. You can contact a Veterans United loan specialist at 855-870-8845 or via VeteransUnited.com.
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A VA Loan is a mortgage option issued by private lenders and partially backed, or guaranteed, by the Department of Veterans Affairs. Here we look at how VA loans work and what most borrowers don’t know about the program.
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