Can I use a VA loan for a second home purchase?
Can I use a VA loan for a second home purchase?
The VA home loan program is intended to help eligible service members, veterans, and certain surviving spouses to buy, build, or improve their primary residence. While it may be possible to use a VA loan to purchase a second home, it depends on the specific circumstances of the borrower.
In general, the VA loan program allows borrowers to use their benefits to purchase a second home, but there are some restrictions. For example, the property must be used as a primary residence for at least part of the year, and the borrower must intend to live in the property as their primary residence within a reasonable time frame after the loan is closed.
Additionally, the borrower must meet all of the other eligibility requirements for the VA loan program, including the minimum length of service requirements, and they must have sufficient entitlement to cover the loan amount for both their primary and secondary residences.
It’s important to note that if a borrower wants to use a VA loan to purchase a second home, they will need to meet the same underwriting standards and requirements as they would for a primary residence. This may include a minimum credit score, a sufficient income, and a low debt-to-income ratio.
Overall, while it may be possible to use a VA loan to purchase a second home, borrowers should carefully consider whether this is the best use of their VA loan benefits and consult with a lender or a VA loan specialist to determine their eligibility and the requirements for the loan. Call to speak with one of our VA Home Loan specialist to determine your remaining eligibility and see if you can purchase an additional home using your VA benefits.
If you are ready to get started with a VA Home Loan, apply today! For more information, please contact our VA experts at 833-VA-Expert. (833) 823-9737
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