subject: Can You Buy A Second Home With A VA Loan? [print this page] Can You Buy A Second Home With A VA Loan?
Those veterans who want to apply for VA mortgage loans must take a good look at the rules set by the US Department of VA. A person can only get approval to have a VA loan if they use their purchased home as their prime residence. The rules state that the borrower has to live in the house after the two months of the closing date of the loan or if there is construction going on of the house then soon after its completion. If you have any problem in shifting in your new home in the two month notice then you can extend the date but not more than twelve months. This rule has to be followed by all eligible candidates of the VA loan.
Vets cannot purchase a summer house from the VA loan because it is difficult to make the summer house a permanent residence. The VA considers it as the empty house no matter how often you visit it. Even if you give it on rent, as the main borrower is not living in that house permanently, it will not get approval.
There is one problem with the VA mortgage loan. Sometimes, the military personnel have to keep changing their stations. If you have applied for a VA loan and you are shifted to a new place then how this rule is implemented now? Well, if you have a spouse then he or she can look after the house and family but it is impossible for the militant to bring the whole family to the new place. The militant will have to leave the whole family behind to serve the nation.
Hence, you cannot purchase a house with a VA loan if you are alone and keep shifting places. You may be able to do so after you have retired or discharged without having any label of dishonesty. And for those who can apply for VA loan must show proof of their existence in the house purchase through it. For example, they can show the gas, water, cable, electricity or trash bills.
However, there are certain conditions in which the frequent traveled militant can apply for VA loans. They must seek advice from the experts of this loan so that they make correct decisions. This loan program is only created for vets and it has many advantages, therefore, if you are eligible then you should not miss this chance of making a home easily.
