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VA Loan Facts
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.
FREQUENTLY ASKED QUESTION # 17 [ -more VA Loan questions- ]
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Q: Partial Eligibility - Can I get eligibility for another VA loan even though I am still working on the first one?
A: If you have an existing VA loan, you may still be able to get VA loan eligibility for second loan. A VA certificate of eligibility may be available for any unused amount of what you are entitled to receive. You'll have to negotiate a downpayment with the lender, and your leftover eligibility may not be sufficient for the entire amount of the second loan. Partial eligibility is sometimes complicated, and it's best to get the advice of a VA rep before filling out any paperwork.
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VA Loan Rates
for 5/18/2008
30 year fixed
-----------------
0.000 points
6.000%
6.110% APR
15 year fixed
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0.000 points
6.000%
6.190% APR
Life Insurance for Military Members
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