{"id":11286,"date":"2024-11-20T21:58:05","date_gmt":"2024-11-21T02:58:05","guid":{"rendered":"https:\/\/melholdsthekey.com\/?p=11286"},"modified":"2024-11-20T22:03:12","modified_gmt":"2024-11-21T03:03:12","slug":"what-you-can-and-cant-do-with-a-va-loan","status":"publish","type":"post","link":"https:\/\/melholdsthekey.com\/?p=11286","title":{"rendered":"What You Can (and Can\u2019t) Do With a VA Loan"},"content":{"rendered":"

By Veterans United<\/a><\/b><\/span><\/p>\n

Envelope<\/span><\/a>Facebook<\/span><\/a>Twitter<\/span><\/a>Linkedin<\/span><\/a>Pinterest<\/span><\/a><\/div>\n
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Millions of veterans and military members have access to what\u2019s arguably the\u00a0most powerful and flexible<\/a>\u00a0mortgage option out there.<\/p>\n

VA loans require no down payment or mortgage insurance while\u00a0featuring forgiving credit and underwriting requirements. These government-backed mortgages are\u00a0more popular than ever<\/a>\u00a0in a time of tight lending.<\/p>\n

But they\u2019re not the right fit for every military borrower. For as much flexibility and buying power as this benefit conveys, there are also some things you can\u2019t do with a VA loan.<\/p>\n

That\u2019s mostly because this is a loan option focused on\u00a0helping veterans purchase<\/a>\u00a0move-in ready homes they\u2019ll live in year round.<\/p>\n

Here\u2019s a closer look at what you can\u2014and can\u2019t\u2014do with a VA home loan.<\/p>\n

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Acceptable uses<\/span><\/strong><\/div>\n<\/div>\n<\/div>\n

The most common use is to purchase or refinance a single-family home.<\/p>\n

But eligible buyers can also purchase a condo, provided the unit is in a VA-approved development. Falling in love with an unapproved condo isn\u2019t necessarily the end of the line. A lender may be able to help you get the development approved, but the process can take some time.<\/p>\n

Borrowers can also\u00a0use a VA loan to buy<\/a>\u00a0a\u00a0modular<\/a>\u00a0home or purchase up to a four-unit property as long as they live in one of the units.<\/p>\n

You can seek a VA loan for new construction and even manufactured housing, too. Making either of these work on the ground can be challenging.<\/p>\n

The VA basically insures a portion of each loan, leaving it up to private lenders to actually make them. Lenders can tack on additional requirements or simply not offer certain options. It can be tough to get a $0 down VA loan for either of these property types.<\/p>\n

Unacceptable uses<\/h2>\n

The VA wants veterans using this program for primary residences. You can\u2019t purchase or build a vacation home or a purely investment property with a VA loan.<\/p>\n

New construction is possible, but veterans can\u2019t simply purchase a plot of land with the intent to build a home some day. You also can\u2019t use this as a business loan. Again, the focus is on primary residences.<\/p>\n

The VA will only back loans in the U.S. and its territories. Any other overseas purchase is a no-go.<\/p>\n

Challenging uses<\/h2>\n

There\u2019s an array of potential properties and circumstances that may or may not work for some VA lenders. Manufactured homes and new construction are common examples.<\/p>\n

But VA buyers can also run into issues when trying to purchase unique homes (think geodesic dome) or properties containing income-producing attributes, like a working farm.<\/p>\n

Communicate early and often with a real estate agent and a lender if you\u2019re considering more offbeat properties.<\/p>\n<\/div>\n<\/div>\n<\/section>\n<\/article>\n","protected":false},"excerpt":{"rendered":"

By Veterans United EnvelopeFacebookTwitterLinkedinPinterest Millions of veterans and military members have access to what\u2019s arguably the\u00a0most powerful and flexible\u00a0mortgage option out there. VA loans require no down payment or mortgage insurance while\u00a0featuring forgiving credit and underwriting requirements. These government-backed mortgages are\u00a0more popular than ever\u00a0in a time of tight lending. But they\u2019re not the right fit […]<\/p>\n","protected":false},"author":160539,"featured_media":11288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/melholdsthekey.com\/index.php?rest_route=\/wp\/v2\/posts\/11286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/melholdsthekey.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/melholdsthekey.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/melholdsthekey.com\/index.php?rest_route=\/wp\/v2\/users\/160539"}],"replies":[{"embeddable":true,"href":"https:\/\/melholdsthekey.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11286"}],"version-history":[{"count":1,"href":"https:\/\/melholdsthekey.com\/index.php?rest_route=\/wp\/v2\/posts\/11286\/revisions"}],"predecessor-version":[{"id":11287,"href":"https:\/\/melholdsthekey.com\/index.php?rest_route=\/wp\/v2\/posts\/11286\/revisions\/11287"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/melholdsthekey.com\/index.php?rest_route=\/wp\/v2\/media\/11288"}],"wp:attachment":[{"href":"https:\/\/melholdsthekey.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/melholdsthekey.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/melholdsthekey.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}