Asked by: Salif Stamerjohanns
asked in category: General Last Updated: 30th June, 2020

How long do you have to occupy a VA loan home before renting?

VA loans require that you occupy the property within 60 days of closing. Anything beyond that it's considered a rental property and the new VA loan could be called in and foreclosed upon.

Click to see full answer.

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

29 Related Question Answers Found

Can I use a VA loan on a second home?

Is a VA or FHA loan better?

Can I use my VA loan to buy a house for my parents?

How soon can you rent a house after buying it?

Can you rent your house if you have a mortgage?

What does your credit score have to be for a VA loan?

Can you refinance a VA loan if it is not your primary residence?

What are typical closing costs for a VA loan?

Are VA Loans bad for sellers?

Are VA appraisals always low?

How do you flip a house with a VA loan?

Can you lose your VA loan?

What are the requirements for a VA Irrrl?

Do you have to live in a VA loan House?