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Frequently Asked Questions

VA Loan FAQ #22:

Am I limited to buying an existing home with a VA loan?

A VA home loan has more flexibility than you might think. While many use this benefit to purchase existing homes, there are many other applications. Did you know you a VA home loan may be used to purchase and improve a home at the same time? You may also use a VA loan to improve your existing home by increasing energy efficiency. There is also a provision for people to use a VA loan to purchase a manufactured home and lot, under the right conditions. There are many applications for a VA home loan, sometimes all you need to do is ask!

More VA Loan Questions

1. What is a VA loan?
2. Is using my VA loan eligibility a good idea?
3. What can I buy with a VA home loan?
4. What is the maximum amount I can borrow with a VA home loan?
5. What can be done when both husband and wife are eligible?
6. I am a veteran who purchased a home with my spouse utilizing my VA eligibility. I am now divorced and my spouse was awarded the home. How do I get my eligibility back?
7. I heard the VA has an inventory of foreclosed homes. How can I find out more about this?
8. What role does the VA play in helping me get a loan?
9. What are the advantages of a VA loan?
10. Do I have to take a fixed rate VA loan?
11. Should I get a pre-approved loan?
12. How do I get proof of eligibility?
13. I don’t have an honorable discharge, am I automatically disqualified from VA loan eligibility?
14. What if I can't find my DD214 form?
15. Is it possible to use my VA eligibility more than once?
16. What is the one-time exception for renewing VA eligibility?
17. Can I get eligibility for another VA loan even though I am still working on the first one?
18. Can I use my VA loan to buy a rental property?
19. What happens if I file bankruptcy and wish to buy another home at some point?
20. How is my VA home loan eligibility determined?
21. Can I get a home equity refinance with the VA?
22. Am I limited to buying an existing home with a VA loan?
23. Are there fees associated with my VA home loan?
24. Who is exempt from paying the VA funding fee?
25. Can I bring on a co-signer on my VA home loan?
26. How does the Veterans Benefits Act change my loan process and entitlements?
27. Can the VA help if I think I may be encountering discrimination in my search for a home?
28. What if I can't find a house to buy with a pre-approved VA loan?
29. Can I use a VA loan to buy a reposessed house?
30. How can I help myself before applying for a VA home loan?
31. What help does the VA offer in the homebuying process?
32. Will the VA help if my property is poorly built or defective?
33. Can I buy a farm with a VA loan?
34. Can I make a home purchase outside of the US?
35. What if I die before paying off my VA loan?
36. Once I sell my property, am I released from my VA loan obligation?
37. What happens if my mortgage is sold to another mortgage company?