The VA loan program creates an opportunity to open the doors of homeownership to more veterans, military members, and their families. This program enables qualified borrowers to purchase residential properties that they’ll use as full-time homes.
If you’re a veteran and planning to purchase a home, here’s a guide of the properties you can purchase under the VA loan program:
Single-family Home
The single-family home is at the heart of the VA loan program. As a result, single-family homes are the most commonly purchased property of VA loan recipients. This doesn’t come as a surprise owing to its versatility and compatibility with the needs of a multitude of buyers.
Multi-Unit Property
If you’re not a fan of single-family homes, then good news! Qualified veterans can purchase up to four one-family residential units on a multi-unit property, as long as one of those units is used as the buyer’s primary residence. Duplexes are among the most common choices of multi-unit properties.
Condominium Units
Condominium developments are one of the properties you can buy under the VA program. Your loan provider and a real estate agent proficient in VA loan processes can easily furnish you with suitable condominium properties. And even if the property you like cannot be found on the VA’s list, your loan provider can ask the VA to approve that development. Be warned, though, that this process can take months to complete.
New Construction
The VA allows for a $0 down VA construction loan to build a new home. The challenge is to find lenders who are willing to fund the construction of a new home, depending on certain market conditions. Fortunately, there’s a way around this. You first obtain a construction loan from a builder and then refinance the short-term loan into the VA program.
Manufactured Homes
While the VA does allow for manufactured homes, it can be a challenge to look for loan providers willing to finance these properties. Manufactured homes depreciate over time, and this is why some lenders avoid them.
Applying for a VA loan can be a daunting task at first, but with a little research and with the help of a VA-proficient lender, you can go through it without a hitch. To get the best out of your home-buying process, contact an experienced lender at Total Lending Concepts today.
