VA Loan Guidelines
The Law on Occupancy
The law requires a veteran obtaining a VA guaranteed loan to certify that he or she
intends to personally occupy the property as his or her home. As of the date of certification,
the veteran must either (1) personally live in the property as his or her home, or (2) intend,
upon completion of the loan and acquisition of the dwelling, to personally move into the
property and use it as his or her home within 60 days after the loan closing (reasonable).
The above requirement applies to all types of VA guaranteed loans except Interest Rate
Reduction Refinancing Loans (IRRRLs). For IRRRLs, the veteran need only certify that he
or she previously occupied the property as his or her home.
VA Loan Articles
Read About News, Updates, and Guidelines
VA loans don't always involve a single borrower. Sometimes there are situations where co-borrowers, co-signers, and joint loan applicants want to apply for a VA guaranteed mortgage loan.
Does the VA require title insurance? Some borrowers may discuss their VA loan options with a lender that does require title insurance, but is this a VA-mandated or lender required feature of VA home loans?
Many veterans and their families were affected recently by the weather across several states, and the Department of Veterans Affairs went into action to inform and assist homeowners recovering from the damage.
One not-so-commonly asked question, but an important one to answer for some borrowers, involves the length or term of a VA home loan. Unfortunately, a new purchase VA home loan cannot be issued for a term longer than 30 years.
VA policy changes state that no one is allowed to buy a home with a VA loan without promising in writing that they will take possession of the home within a reasonable period and live on the property as their primary residence.