Similarly, can a VA loan be transferred to a family member?
Yes, a VA home loan can be transferred to another borrower, regardless if he’s a veteran or not. This process is referred to as VA loan assumption. However, the assuming borrower must meet certain requirements and must be financially eligible to take over the VA home loan.
Similarly one may ask, can I use my VA loan to buy a house for my parents?
The joint VA loan program allows Veterans and/or active-duty military members to use a joint borrower who is not a spouse or other Veteran. Most lenders won’t allow these kinds of loans and will block Veterans from buying a home with a sister, brother, mother, father, son, daughter, or someone who is unrelated.
Can you have 2 VA mortgages at the same time?
VA loans can only be used for primary residences, and they come with occupancy requirements to ensure that this is how the loan will be used. That being said, it is possible to have two VA loans at one time for two different primary residences.
Do I have to live in the house with a VA loan?
VA home loans can be used to buy, build, improve, or refinance a home intended to be the borrower’s home address, or as the VA Lender’s Handbook says, the “primary residence”. Primary residence requires the owner to live in their homes. Primary residences cannot be a timeshare, vacation home, bed-and-breakfast, etc.
Does the VA check occupancy?
The short answer is yes. The VA official site reminds borrowers, “The lender may accept the occupancy certification at face value unless there is specific information indicating the veteran will not occupy the property as a home or does not intend to occupy within a reasonable time after loan closing.”
How do I get a VA escape clause?
The escape clause basically allows a buyer to walk away without forfeiting their earnest money deposit in a specific set of circumstances. The clause only comes into play if the VA’s appraiser submits a Notice of Value that puts the home’s appraised value below the purchase price that has been agreed to.
What is a nearest relative statement?
(Required on all VA loans) The Department of Veterans Affairs requires all VA borrowers to provide the lender with the name, address and phone number of their nearest living relative.
What is a VA Child Care letter?
A child care letter is required on a VA loan if the borrower has children under the age of 13. A VA loan requires that childcare expenses are counted as liabilities for qualification purposes. The letter states what if any child care costs occurred every month, and if none are incurred the reason.
Why does VA require nearest living relative?
The VA requires all mortgage applicants to furnish a form designating a “nearest living relative”. It’s not a standardized, official VA form but rather a letter or lender generated form stating who the veteran’s family contact is in case the VA has lost touch with the borrower.
Why is a VA loan bad?
Since you need to factor in the cost of the VA funding fee, you could ultimately end up with a loan that exceeds the market value of your house. Manufactured homes may require a minimum down payment and may not be eligible for a 30-year term. You cannot use a VA loan for rental properties.