The VA allows for a spouse to fulfill the occupancy requirement for an active duty military member who is deployed or who cannot otherwise live at the property within a reasonable time.
Unique situations may arise where the spouse of a veteran can fulfill the requirement if employment issues are making reasonable occupancy difficult.
Deployed service members, both single and married,can provide what the agency considers “valid intent” to occupy. This applies when they’re deployed from their permanent duty station. This provides a degree of necessary flexibility for homeowners who are actively serving our nation both at home and abroad.
It’s important to note that VA lenders are required to factor in the cost of a couple’s separate living arrangement. That means any rental costs or other expenses associated with the separate housing situations can be factored into the overall debt-to-income ratio and other key metrics.
There is an additional special feature for VA Streamline refinance loans. In these cases, veterans only have to certify that they previously occupied the home. For example, a veteran who buys a home with a VA loan and then gets transferred overseas can rent out the home and still refinance that existing mortgage based on prior occupancy.
VA loans are Owner Occupied loans, meaning borrowers are expected to live in the properties they purchase.
For most borrowers, that is not a problem, but the issue of occupancy is important, and can cause confusion. This is especially true for first-time home buyers.
While VA loans are flexible, government-backed loans, Veterans can’t use one to purchase investment properties or vacation homes. Nevertheless, the advantages of a VA home loan typically make it the best loan available.
Because VA loans are meant for the purchase or refinance of the borrower’s primary residence, the VA has developed occupancy requirements to ensure owner occupied home ownership.
Veterans and active duty personnel who secure a VA loan must certify that they intend to personally occupy the property as a primary residence. As a result, home buyers typically have 60 days to occupy the home after the loan closes. The agency considers this a “reasonable time”.
Occasionally, buyers may find that two months isn’t enough time. The VA does allow homeowners to go beyond that 60-day mark under certain circumstances, however, occupancy at a date beyond one year is generally unacceptable.
Occupancy rules can be especially important for active duty personnel.
485 Angus Way, Highlands Ranch, CO 4259 Sq Ft 6 Bedrooms 4 Baths $609,000
Live Large, Live Comfortably, Live In Style!! This 6-bedroom 4-bath 2-story Contemporary Home.
Too Many Features To List All. Some Of The Highlights Include: 8-person Spa (included); 7-tier Outdoor Waterfall And Amazing Private Back Yard That Backs To Open Space With Mountain Views.
Walk-in Wine Cooler (360 Bottle), Finished Basement That Includes Wet Bar, Custom Home Theater (all Included), Main Floor Living Includes Gourmet Kitchen, Large Greatroom With Full Surround Sound, Formal Dining Room, Study And Main-floor Bedroom.
Upstairs You Will Find An Amazing Master Suite With Deck, And Four Additional Bedrooms; All Large And All With Walk-in Closets. Seeing Is Believing; Schedule Your Showing Today!!
18 Leibel Court, Los Lunas, NM 87031 $399,500 MLS #809750
Listed by: Bernadette Matthiensen
ALFRESCO KITCHEN! PRIVATE COURTYARD ready for that DELUXE ALFRESCO KITCHEN Piped for Built In Gas Stove/Grill~Sink~Hot & Cold Water, as well as Water Feature…Build that Water Fountain you have always wanted or that Coy Pond.
This home designed for Indoor Outdoor Living.Entertain in the Private Courtyard or take full advantage of the Views from the Patio off the Dining Room!
Both are Perfect for entertaining guests. Kitchen sports Prep Sink for preparing those amazing Hor d Oeuvre’s while enjoying the Views.
Chill your Wine in the Beverage Cooler. Display your favorite wine glasses in a glass door cabinet. Outdoor acoustics add ambiance.
Top off the evening with a soft glow from the gas fireplace…Entire House Audio IN/OUT, Handicap Doors as well as oversize Halls.
We all love to look at houses that are for sale. We may be in the market to purchase now or we may be in a future market but either way the first step is always to get Pre-Approved!
Did you know that Realtors will not accept any offer from a potential buyer without a Pre-Approval letter signed by a well known lender like myself?
In fact most Realtors are trained to not even show you a house until they know that you qualify.
Getting people qualified is my job!
Once you are Pre-Approved, I will issue a letter to your Realtor and only then will they start showing you homes, it’s just how they work!
Think about how important this actually is! What if you qualify for a house of $150,000 but you are looking at houses for $200,000? Even if you put an offer in at $180,000 and got it accepted, you would not get an approval for a loan–make sense?
Take just a moment and email me for a Quick Application. I will let you know how much you qualify for–then you can start working with the Realtor.