Asked by: Salif Stamerjohannsasked in category: General Last Updated: 30th June, 2020
How long do you have to occupy a VA loan home before renting?
People also ask, can you rent out your house if you have a VA loan?
Renting out your home financed with a VA loan is an option. As a rule, VA loans are not used to purchase income property due to the owner-occupancy rule. But, once you've lived in the home, it is okay to vacate and rent out the home.
Also Know, how often can you use a VA loan? Your VA home loan benefits are a lifetime benefit. Eligible service members and veterans can seek to have their full entitlement restored once the original loan is repaid in full or use their remaining entitlement to rent out their first home and purchase again with no down payment.
Furthermore, what are the occupancy requirements for a VA loan?
VA loan occupancy requires that the veteran move into the home within a “reasonable time.” But what does that mean? The VA requires that the borrower move into the home within 60 days after the VA loan closes. As you've read, there are exceptions to that rule.
Can I have 2 VA home loans at the same time?
Multiple VA loans are possible. It doesn't happen often, but it is possible for you to have two VA loans at once. If you have enough entitlement remaining, you can use the remaining VA home loan benefit without selling the previous home or paying off the loan. Of course, you still have to qualify with income and credit