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 Home Loans in Separate States?
Borrowers interested in buying a home with a new purchase VA mortgage are required to certify that they will live in the home personally and that the property is to be used for their personal occupancy.
VA Benefit Updates for Same Sex Couples and Joint Loans
This update to VA home loan rules includes a warning for same-sex married couples who may be eligible for VA mortgage loans. Since not all states recognize same-sex marriages, VA loan procedures and requirements may depend on the location of the borrower.
VA Loans For Non-Home Use?
In general, VA loan rules don’t allow for personal loans or other credit for uses other than buying a home. The VA loan program only guarantees new purchase home loans or refinancing loans.
Common VA Loan Questions: Entitlement Restoration
There are specific VA loan rules which must be followed in order to accomplish the restoration of VA loan entitlement, but they don’t cover turnaround times or ways to expedite the restoration request.
VA Loans for Mobile Homes and Land Purchases
There are many people who want to know why some types of VA home loans aren't available, even though the VA loan program technically allows them.