In addition, occupancy must be fulfilled within a “reasonable time”, which in most cases means 60 days. Therefore, a homebuyer must move to their new home within 60 days after the mortgage closes. They must also demonstrate that the home is their primary place of residence. Most VA home loan agreements stipulate that you occupy the home for at least 12 months.
After those 12 months, you'll likely be able to rent the house to a tenant, even if you're not affiliated with the military. If you bought your home with a VA loan, you may be wondering how a VA mortgage can affect the process of selling a home. As a result, VA loan occupancy requirements were created to ensure that homebuyers not only meet the VA requirements, but also plan to live in the home they purchase or refinance. VA cash out refinance loans, for example, allow borrowers to refinance an existing VA or non-VA mortgage with cash out.
It is possible to buy a home with a VA loan and rent it as long as it meets the full list of VA loan requirements. If you want to buy a home with a VA loan and are concerned about occupancy requirements, talking to a VA loan officer could be a great first step. VA simplifications don't require a credit check or appraisal, making them unique among VA refinance loans. The intended use of your home may determine your eligibility for a VA loan based on the VA lending rules and your lender's requirements.
You can use a VA mortgage loan to buy, build, improve or refinance a home, as long as you intend to use it as a primary home, according to the VA Lender's Manual. There is no limit to the number of times you can get a VA loan, as long as you have enough available VA rights and are buying a primary residence.
