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VA Loan Facts
THE LAW ON OCCUPANCY
The law requires a veteran obtaining a VA guaranteed loan to 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 (reasonable).
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.
FREQUENTLY ASKED QUESTION # 18 [ -more VA Loan questions- ]
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Q: VA Loans and Rental Properties - Can I use my VA loan to buy a rental property?
A: The idea of buying a building intended as a rental property is sound-but VA mortgages aren't intended for this purpose. If you buy a home with a VA home loan, you must certify that you intend to "personally" live in the house. There are naturally exceptions made for houses that are in the building stages when the sale is made, but the general rule is you must occupy the house within sixty days of the loan closing. The occupancy requirement applies to all VA guaranteed loans except one; the Interest Rate Reduction Refinancing Loan or IRRRL. For these loans, the veteran is required to certify that the dwelling was previously occupied as the home.
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VA Loan Rates
for 9/07/2008
30 year fixed
-----------------
0.000 points
6.500%
6.618% APR
15 year fixed
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0.000 points
6.500%
6.500% APR
Life Insurance for Military Members
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