To qualify for a VA loan, you have to meet one or more of the following:
- You served 90 consecutive days of active service during wartime
- You served 180 days of active service during peacetime
- You have 6 years of service in the National Guard or Reserve, or served 90 days under Title 10 or Title 32 orders
- You are a spouse of a service member who died while serving or due to a service-related disabilty
Click here for more details about eligibility.
Yes and no. VA loans are intended for primary residence purchases only. They cannot be used to buy investment properties or vacation homes. However, if you intend to occupy the property for at least a year, then this would be an acceptable use of the VA loan.
An example would be the purchase of a duplex property. If you purchased the property and lived in one side of the duplex, you could then move one year later (or if you have a qualifying life circumstance) and keep the property as a rental. In this situation, the home was not originally an investment, it was a primary residence. This is an acceptable property for purchasing with the VA loan.
The VA loan funding fee is a one-time cost that goes to the Veterans Affairs to help sustain the VA loan program. While veterans with service-connected disabilities may be exempt, most borrowers pay this fee, which can be rolled into the loan amount. The fee's percentage varies based on factors like the borrower's military category, down payment amount, and whether it's the first or subsequent use of the VA loan benefit.
Read more about the funding fee here
Are you exempt from paying the funding fee? Talk with one of our VA loan specialists to see!
While VA loans can be used for various property types, including single-family homes and condominiums, they cannot be used for unapproved properties such as fixer-uppers or income-generating farms. The property must meet the VA's Minimum Property Requirements (MPRs) to ensure it's safe, sanitary, and structurally sound.
Yes, active-duty military members stationed overseas can use a VA loan to purchase a home in the United States. The key is to work with a lender experienced in handling long-distance transactions. It's crucial to plan ahead, considering potential time zone differences and utilizing technology for virtual tours, document signings, and communication.