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
The Truth About VA Appraisals
The VA Lender’s Handbook has a wealth of information about VA appraisals and the appraisal process. In it, you’ll find an entire chapter dedicated to appraisals and the rules that guide them.
Owning Other Property While Applying for VA Mortgage
Borrowers should know that in cases where the debt-to-income ratio approaches 40% or higher, there may be difficulty with VA loan approval without compensating factors such as substantial cash reserves, a down payment, or other factors.
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
VA Loan Funding Fee Rules for Second-Time Use
The amount of your VA loan funding fee (at the time of this writing) is calculated depending on a variety of factors: how much down payment is made on the VA loan, whether the borrower is or was active duty, Guard or Reserve.
The Rules for VA Joint Loans
There are VA loan rules for loans involving both spouses, more than one veteran borrower, and even loans where the mortgage is shared between a veteran and non-veteran.