What types of property can be purchased with a VA Home Loan from David Piatek on Vimeo.
What Types of Property Can Be Purchased with a VA Home Loan?
by David Piatek
Hi everyone, I’m David Piatek and welcome to another video blog talking about military members and using the VA Home Loan. Today’s Topic: what type of properties can be purchased with a VA Home Loan.
The VA Home Loan is a versatile loan product that offers military members the opportunity to find a property that fits their needs. This includes: Single Family Homes, Condo’s and Multi-Family housing – that’s where you have 2 to 4 apartment units within one building. It’s truly a great way to generate income and offset the mortgage payment.
Single Family Homes – don’t have a square footage restriction or an acreage restriction but do have some requirements like they must have heating, running water and meet the VA’s Minimum Property Requirements – which actually applies to all property types. You can also purchase a Modular Home, Manufactured Home, or purchase in a Planned Unit Development community. You can also build a home with 100% financing to include land acquisition.
Condo’s – they require VA Approval but it’s an easy process and we specialize in those. As of the other year – military members can purchase any condo no matter the VA condo approval status with a waiver. Check out the video above to learn more.
Multi-Family – a HUGE change as of the other year – military members can now use Rental Income to qualify for a property as long as they have 6 months reserves to cover the Principle, Interest, Taxes and Insurance. The reserves can’t be a gift and can be in either a retirement, savings, and checking account to name a few. Learn more at the video above.
NOTE: you can also purchase a multi-family with one commercial space and you can buy a home that’s on farmland but that’s on a case-by-case basis.
The VA Home Loan is a phenomenal product, that offers huge benefits and savings to military members and their families. If you have questions about the VA Home Loan or working with military members, please give me a call at 202-875-1010. I’m happy to help.
Have a great day!
Subject to credit approval. Terms and conditions may apply. Subject to VA eligibility requirements. Property insurance is required on all loan secured by property.