The Veteran’s Administration does not “actually” make VA Home Loans. The mortgages for Veteran’s are “guaranteed” by the VA, making the Veteran’s Administration more like an Insurance Company.
The guidelines that VA sets out regarding Occupancy are just that – they are guidelines for which loans they will insure, and which ones they might not insure. Underwriters at our bank actually look at the loan, to see if they meet the guidelines set out by VA.
The Veteran’s Administration Underwriting guidelines for a mortgage loan require the following when it comes to Occupying the Property you are getting a loan for:
A veteran obtaining a VA guaranteed loan must certify that he or she intends to personally occupy the property as his or her home. As of the date of certification, the veteran must either (1) personally live in the property as his or her home, or (2) intend, upon completion of the loan and acquisition of the dwelling, to personally move into the property and use it as his or her home within 60 days after the loan closing.
The above requirement applies to all types of VA guaranteed loans except Interest Rate Reduction Refinancing Loans (IRRRLs). For IRRRLs, the veteran need only certify that he or she previously occupied the property as his or her home.
Let’s say you are on active duty, and you have Combat Orders – your family, remaining Stateside, near the base you will be returning to, could occupy the property. In a situation where you are leaving active duty, and retiring from the Force, there is also some leeway.
If you want to know if you qualify for VA Home Loan benefits, or you want to see if you can refinance your VA Mortgage Loan, please call Steve Thorne 919 649 5058. We answer questions everyday from Veteran’s who want to know more about their unique situation! We appreciate your service!
Hello Eleanor,…Here’s a VA loan occupancy question: I want to buy a house, live in it 7 and a half months, then, leave for a summer job, then, return to the house. Am I alright under the occupancy rules? (I’m not married, and I’m not active duty,…just an old vet)
Thanks,…a.s.
Yes – you should be okay. This would be your primary residence (based upon what you are telling me). Many people have seasonal employment. Hope it works out for you!