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
Currently serving military members who want to apply for VA insured home loans should know about the rules for VA loan applicants within a year of their current re-enlistment, retirement or separation date.
The VA loan benefit is offered to all qualifying veterans who have met their time in service requirements and/or discharge requirements. Some military people use their VA home loan benefits as soon as they are eligible.
VA loans include fees and expenses a borrower is allowed to pay, but the Department of Veterans Affairs also has a list of expenses the bank is not allowed to charge the borrower.
In 2012, the Department of Veterans Affairs alters the methods used to calculate the VA loan maximum amount. If Congress passes legislation permitting VA to calculate maximum guaranty as it has in the past, the numbers below could increase slightly.
VA appraisal rules insure that a home purchased with a VA insured mortgage is safe and habitable for the borrower; the rules are also designed to make certain the property lives up to VA standards.
