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Blog PostCan you buy a Second Home with a VA loan?
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We were recently asked whether a "Second or Investment Home" could be purchased using a VA Mortgage Guaranteed Loan.
THE SHORT ANSWER IS YES!!
While you are expected to take occupancy of your new home as your owner-occupied primary residence within 60 days of closing your VA loan, there are a few concessions to this rule.
Except for investment properties, it is possible to purchase a second/vacation home using a VA loan with your full entitlement guarantee provided that you've paid off the loan for the primary home you own or refinanced the mortgage to a non-VA loan. It is also possible to occupy the home being purchased as your primary residence and rent out your existing home without paying off the previous VA loan, which means that you could hold 2 VA loans at the same time.
Another possible typical situation may apply to a military member being moved from one base or post to another who wants to buy a home in the new area, the caveat is that the home being purchased must be declared as the primary residence and occupied within 60 days of closing, the VA specifies the required documentation regarding occupancy, yet the following circumstances may allow you to use a VA loan and delay occupancy up to 12 months:
• Deployment. Veterans deployed from permanent duty stations are considered as being on a temporary duty status and able to meet the occupancy requirement.• Retirement. Veterans planning to retire within 12 months can purchase a retirement home and occupy it after retirement.• Improvement or repair. Delayed occupancy is also permitted for substantial improvements or repairs.
You may also use a VA loan to buy a primary residence and rent out part of it, as the VA home loan program can be used to purchase owner occupied multifamily dwellings up to 4 units. Later, you can rent out all of the units should you want to move out of the multifamily unit.
TO YOUR SUCCESS!!
Blog Source Reference: U.S NewsFundMyHome.org
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