From the official VA website to VA.gov: « F: I want to buy a house with a VA loan. Do I have to occupy the property? A: The law requires you to confirm that you intend to occupy the property as your home. « In addition: « VA requires the Veteran to occupy the property concerned as a principal residence. The normal directive is within 60 days from the closing date. However, this can be extended to 12 months if the veteran has a specific date on which they will move in and a future reason/event that will cause the delay. The use of the property as a second home or seasonal holiday home does not meet the occupancy requirements. For active military personnel assigned to their permanent service, considered temporary in a state of service and capable of providing a valid intention to occupy, the spouse may meet the occupancy requirement. Other circumstances are dealt with in the VA Lender`s Handbook, section 3.05, or may be discussed with the Regional Loan Center with the responsibility of the property. « In addition: `Can you give a mortgage for an interest rate refinancing (IRRRL) if the veteran no longer lives on the property? Yes, prior occupation of the property concerned is sufficient. The interest rate reduction refinancing loan is the only loan in which the Veteran or his or her spouse does not have to occupy the property as a principal residence.
Details on occupancy requirements can be found in Chapter 3 of VA`s Lender Handbook. While the VA proposes these exemptions, lenders also have their own standards, which could impact occupancy requirements. An important reminder here: the presence of the creditor in the house does not meet the occupancy requirement without additional measures from a legal guardian, lawyer or lawyer. As a general rule, the VA does not make exceptions if you want to set an occupancy date for more than 12 months after the conclusion of your loan. Like other government-backed loans, real estate loans have occupancy requirements that help maintain the program`s focus on primary residences. According to VA`s official website, « the occupancy requirement of an IRRRL is different from other VA loans. When you originally received your VA loan, you certified that you have lived in the house or that you intend to occupy it. For an IRRRL, you only have to confirm that you have occupied it before. Here, too, the military has a different life than many others.
In this context, there are many scenarios that could stand in the way of the occupation. The VA is ready and occupancy requirements can be changed for these unique scenarios. Each occupancy scenario is different and requirements and guidelines may differ from a lender. For example, in some cases, a militarily dependent could meet the occupation requirement. Or you can delay occupancy if you buy a property with which tenants enter into an active lease. If you are not married and have no one to fulfill the occupation requirement, either because you work abroad or because you travel a lot because of your work, it will require a little more explanation. . . .