As a veteran or active duty service member, you’re probably well aware of your VA loan benefits. Perhaps you’re one of the millions of American veterans who have taken advantage of these benefits by avoiding a down payment on a new house or by refinancing the entire value of your existing home. It really is one of the top benefits of military service and a benefit you’ve earned.
Although it’s one of the most widely used benefits offered by the Department of Veterans Affairs, many veterans have questions about the rules and regulations about using their VA loan. One of the most asked about issues is the loan’s occupancy requirements. Questions often asked include: How soon after buying my home do I have to move in? What if I am deployed? Can I rent out my home with a VA loan?
We addressed these questions and more during a VA loan Q&A Google Hangout with John Bell of the Department of Veterans Affairs, Military.com and the National Association of Realtors. As John Bell states in the video, “Occupancy is one of the pillars of the (VA loan) program,” and it’s designed to work with the schedules of service members . In other words, there are always reasons for exceptions to the requirements. If you can’t move in within 60 days of closing, the VA will work with you.
The most important thing to remember is to always talk with your Home Loan Expert or contact your local VA office about your concerns. We’re always here to help.
To learn more, watch the video below. And don’t forget to share your experiences about your VA loan with us! Did you buy a home right before you got your PCS orders? Did you get deployed right before closing on a new house? Let us know!