How Can I use my VA Home Loan
The majority of military buyers use their VA Loan to purchase or refinance an existing single-family home. Veterans interested in purchasing a condo or who chooses to build a home from the ground up may also utilize a VA loan. Further usage of a VA loan includes:
- Purchase a residence that’s owned and occupied by the veteran. This means that military buyers must use the home as their primary residence; living there full time
- Refinance an existing VA-guaranteed or direct loan in order to lower the current rate
- Refinance in order to take out cash
- Make energy-efficiency improvements in conjunction with a VA purchase or refinance a loan
- Purchase up to four one-family residential units in a condo development approved by the VA. One of those four units must be used as the borrower’s primary residence
- Purchase a farm residence to be owned and occupied by the veteran. The property cannot be a working farm or income-producing property
The Veterans Administration promotes homeownership and the purpose of the VA Loan is to increase sustainable homeownership for American veterans. With that being said, there are some ineligible usages for VA loans.
- Purchase of unimproved land (land without structures) with the intent to improve it at some point in the future. There must be a physical structure on the land
- Purchase or construction of a combined residential and business property, unless ( the property is mainly for residential purposes, there’s no more than one business unit, and the business area accounts for less than 25% of the total floor space
- Manufactured homes has to be located on a permanent foundation, but most lenders have ceased financing manufactured homes. This makes it nearly impossible to be eligible for purchase.
Clinton, MD homes for sale and Real Estate Service. Sherman Hardy is your local VA Home Loan Realtor for Washington, D.C., and surrounding areas. Sherman Hardy is also a US Military (Air Force) Veteran himself. You now have free access to Washington, DC Ultimate Real Estate Search Engine! Google or Call me Today and let’s discuss how I can help you. Sherman Hardy 301-659-5004