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.
The passage of Honoring America's Veterans and Caring for Camp Lejeune Families Act of 2012 meant a great many changes to the VA loans program in 2012. One of those changes includes expanding the criteria for VA loan funding fee exemptions.
VA field offices handle all sorts of common questions about VA mortgages. One of the common topics is related to what happens to a VA loan or the ability to apply for one after divorce.
When you apply for an FHA mortgage, you'll need to provide a set of required documents and paperwork that contains the information a lender needs to process your FHA home loan properly.
In August of 2012, the Federal Housing Administration revised its guidance to lenders regarding the verification of Social Security Income to qualify for FHA mortgages.