The Law on Occupancy
VA Loan Guidelines
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 Veteran Mortgage News, Updates, and Guidelines
VA Loan Benefits for the Spouse Alone?
In general, VA loan rules that cover VA loan eligibility for a new purchase have specific guidelines for active duty, members of the Guard and Reserve, as well as regulations that address VA loan eligibility for military spouses in two separate categories
FHA Lowers Loan Limits: Does This Affect VA Loans?
The Federal Housing Administration issued a statement on August 19, 2011, announcing lower FHA loan limits for some counties located in the most expensive markets.
What Is The DD214?
When military members out-process as part of retirement or separation, getting the DD214 is one of the last things to happen. Some companies offer to get your DD214 for a fee. While this is not technically illegal, it is misleading.
Which VA Refinancing Loans Require Occupancy?
If you have an existing VA home loan, you already know about the VA occupancy requirement for these loans. But some home owners are confused when it comes to these rules when it’s time to refinance the mortgage.
VA Loans for Guard/Reserve Members
Are you a member of the National Guard or are a Reservist interested in using your VA home loan benefits? Do you know what the basic eligibility requirements for using your VA loan benefits are?