Dec
29
When purchasing a home using the VA home loan, does the property have to be the veterans primary residence?
Filed Under Home Loan
Question by sugadoot: When purchasing a home using the VA home loan, does the property have to be the veterans primary residence?
My husband and I purchased our first home enduring year using his VA home loan and now we may have to relocate to another state for work. We do not intending on selling the house but instead meaning on renting it out. Will that forfeit the VA home loan and will we have to change our loan terms?
Best answer:
Answer by Meggerz
Yes, it does have to be a persons main residence for a minimum of 2 years.It’s a situation where unless the finance company finds out about it, they can force you pay in full the loan make. People try to get around it, but once they find break, the VA *will* pull their backing of the loan. It happened to someone at my conserved’s NOSC – they relocated due to PCS and it was less than 2 years and were forced to refinance.You also wont be able to get another VA loan until this one is paid off.Response: The VA loan backing is one aspect of it. Your mortgage company may have rules about how yearn you have to hold it as your primary residence. You signed those agreements. Read them, or have a lawyer stare them over to make sure. Some companies are understanding of active duty military, some aren’t.
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