VA Loan Guidelines

The VA Loan guidelines are specific and can get a bit tricky to navigate. Understanding when you can get 100% financing, which properties qualify, and the rules of living in this home can be crucial when buying a home.

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3 scenarios in which you can get
100% financing for a VA Loan

1. A veteran/ active duty military member can get 100% financing with qualifying income and credit.

2. A veteran/ active duty military member and their spouse can also quality for 100% financing using both incomes and credits.

3. Dual veterans, whether married or both single, can qualify for 100% financing using both incomes and credits. A dual veteran scenario is especially powerful because they can split their eligibility on the purchase of a home. Although their 100% financing amount doesn't go up, their remaining entitlement is doubled, which gives them the opportunity to purchase another home with no down payment.

There is also a lesser known fourth scenario in which a veteran can qualify for a VA Loan with a co-borrower who is neither a veteran or spouse. However, this particular VA Loan is not 100% financed and generally requires a 12.5% down payment.

What Properties Qualify?

The rule of thumb for properties to qualify for the VA Loan is what’s known as the 3 ‘S’ rule. A home must be Safe, Sound, and Sanitary. This is meant to protect military families in their property investments.

Main properties that qualify for a VA Loan:

  • Single-family homes
  • Condos / townhomes*
  • Multi-family homes
  • Homes to be built from the ground up*
  • Homes with additions or add-ons*

*Certain restrictions/aproval may apply

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Do I Have to Reside There?

Technically the VA Loan is an owner-occupied loan, meaning you must intend on living there for 1 year before selling or renting it out. Persons on active duty may get around this rule, if they are given orders that require them to move.

Another way in which the veteran doesn't have to occupy the property is in a geo-bachelor situation. In this situation, a spouse or immediate family member can occupy the home on the veteran's behalf.

We at Military Homespot Lending know the VA Loan process can be confusing, and this is why our team is trained on all the ins and outs of the loans so we can always answer your questions. We want you to feel confident and educated in your decision to purchase a home and we work tirelessly to ensure that you have a seamless experience.

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Caleb was very helpful and patient with us.

He explained the whole process to us and was available and prompt in returning our emails and phone calls. He provided assistance with signing all the documents. It got complicated and we were having issues but he helped us resolve those issues right away. The whole process went smoothly because Caleb really put us at ease throughout the process.

- Zeny Bate

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