FAQs

To qualify for a VA loan, you have to meet one or more of the following:

• You served 90 consecutive days of active service during wartime
• You served 180 days of active service during peacetime
• You have 6 years of service in the National Guard or Reserve, or served 90 days under Title 10 or Title 32 orders
• You are a spouse of a service member who died while serving or due to a service-related disability

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Yes and no. VA loans are intended for primary residence purchases only. They cannot be used to buy investment properties or vacation homes. However, if you intend to occupy the property for at least a year, then this would be an acceptable use of the VA loan.

An example would be the purchase of a duplex property. If you purchased the property and lived in one side of the duplex, you could then move one year later (or if you have a qualifying life circumstance) and keep the property as a rental. In this situation, the home was not originally an investment, it was a primary residence. This is an acceptable property for purchasing with the VA loan.

The VA imposes a funding fee on every VA loan, with rates determined by your Certificate of Eligibility (COE). This fee can be paid in different ways: by the buyer at closing, by the seller at closing, or by rolling it into the loan. Notably, the funding fee is waived for veterans with a service-connected disability of 10 percent or greater.

While VA loans can be used for various property types, including single-family homes and condominiums, they cannot be used for unapproved properties such as fixer-uppers or income-generating farms. The property must meet the VA's Minimum Property Requirements (MPRs) to ensure it's safe, sanitary, and structurally sound.

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Yes, active-duty military members stationed overseas can use a VA loan to purchase a home in the United States. The key is to work with a lender experienced in handling long-distance transactions. It's crucial to plan ahead, considering potential time zone differences and utilizing technology for virtual tours, document signings, and communication.