Occupancy Requirements For Va Loan

One of the requirements associated with va loans is an occupancy requirement.

Occupancy requirements for va loan. This usually stems from when a service member gets their pcs orders and. Click here to get matched with a lender. If you re looking to purchase a home with a va loan and are worried about occupancy requirements speaking with a va loan officer could be a great first step. Most veterans say that some of the more confusing aspects of qualifying for a va home loan are the occupancy requirements.

Those who are deployed are still considered to be occupying the home. To ensure this the va developed occupancy requirements that make certain homeownership is the borrower s intended purpose essentially ruling out the ability to purchase an investment property or vacation home. It s important for borrowers to have a firm grasp of va occupancy requirements to avoid confusion. 4 maximum guaranty on va loans 3 10 5 occupancy 3 12 6 interest rates 3 16 7 discount points 3 17 8 maturity 3 19 9 amortization 3 20 10 eligible geographic locations for the secured property 3 22 11 what does a va.

Va loan occupancy requirements. The va loan occupancy requirements are strict but as you can see there are ways around it. The requirement varies for different situations so it s important for borrowers to understand different provisions they may be entitled to. Like the other government backed loans va home loans have occupancy requirements that help keep the program s focus on primary residences.

The va is prepared for this and occupancy requirements can be changed for these unique scenarios. The va loan program has occupancy requirements in place for purchase and some refinance loans. Va loan rules make exceptions to occupancy requirements for deployments and other types of military duty. You may be eligible for a va loan despite your unique occupancy concerns.

In fact it s easier for married va loan borrowers to meet occupancy demands because of spouses. Spouses and va loan occupancy for active duty va loan borrowers spouses can fulfill the occupancy requirements for the va loan if or when the service member is away from home. The land subject to reasonable value requirements and. Talk with your lender about your situation.

The primary requirement is that the borrower must personally occupy the home. Va pamphlet 26 7 states this is true without regard to whether or not a spouse will be available to occupy the property prior to the veteran s return from deployment.