Va Loan Occupancy Requirement

The primary requirement is that the borrower must personally occupy the home.

Va loan occupancy requirement. Spouses and va loan occupancy for active duty va loan borrowers spouses can fulfill the occupancy requirements for the va loan if or when the service member is away from home. They should be able to help you find out if you re eligible with your current situation. Service members who secure a va purchase loan have to certify that they intend to personally occupy the property as their primary residence. If you re looking to purchase a home with a va loan and are worried about occupancy requirements speaking with a va loan officer could be a great first step.

Downpayment because va loans can be for the full reasonable value of the property no downpayment is required by va except in the following circumstances. Maximum loan continued b. Please keep in mind that many lenders will not recognize dependent occupancy as satisfying the va loan occupancy requirement. If the purchase price exceeds the reasonable value of the property a.

Va loan occupancy requirements. The va loan and guaranty 3 9 3. Va loans are for primary residences and borrowers are expected to live in the properties they purchase. The va is prepared for this and occupancy requirements can be changed for these unique scenarios.

One of the requirements associated with va loans is an occupancy requirement. The requirement varies for different situations so it s important for borrowers to understand different provisions they may be entitled to. It s important for borrowers to have a firm grasp of va occupancy requirements to avoid confusion. In fact it s easier for married va loan borrowers to meet occupancy demands because of spouses.

The va loan program has occupancy requirements in place for purchase and some refinance loans.