subject: Who Are Ineligible For VA Loans? [print this page] Who Are Ineligible For VA Loans? Who Are Ineligible For VA Loans?
The VA loans are developed solely for militants of this United States to help them build their houses. As compare to other housing loans, this loan has more consumer favorable terms. It has no down fee because it is guaranteed by the Department of VA. Hence, those individuals who are eligible can start building home whenever they want. However, there are some restrictions of this loan program that you do not have to cross otherwise you will not qualify for this loan. Following are those restrictions:
The VA loan is not provided to the individuals who want to make homes on lands that are barren or undeveloped. However, it is available for mobile homes.
This loan cannot be utilized to purchase investment properties. The borrower has to make an agreement in which he or she states that he or she will live their full time after building a home.
The Department of VA allows the veterans to purchase a residential or a business property whose only 25% of space floor is used for business purpose and 75% used for residing in it.
If you want to buy a house that has multiple units for a big family then you can get approval only if you claim to live in one of those units and do not wish to make the other units obtainable separately. There need to be a single owner of all those units and regarding as a single house.
Those candidates who have gone through bankruptcy earlier have to wait till twelve months minimum before they can apply for VA loans. Moreover, they will have to show proof that states that you did your best to improve your credit scores. They also need to get allowance from the court to proceed to this loan program.
You cannot borrow amount higher than $417,000 on these loans. However, in certain areas of America, this amount may vary.
The VA loan is available to those veterans who want to reside in their newly constructed or purchase home as quickly as possible. There are other uses of VA loans as well for example it can be used to refinance as existing property. Many individuals who are suffering from financial disturbance can try out this option and solve their problems. For more knowledge and to gain maximum benefits out of this loan you should consult a VA loan specialist
