Question about va loans

9 Replies

First time homebuyer and im in the military and stationed in Virginia. I want to buy a house in dc with my va loan but i keep hearing that i HAVE to live in the unit for a year or 2... has anyone ever used the va loan and not lived in the actual unit?

VA loand are for owner occupants only. You must move in within 60 days of closing on the property and have the intent to live there.

Originally posted by @Janiel Vanderhorst :

@Russell Brazil how would they actually know that i live there or not? I have alot of friends who have used the va loan and never got questioned if they live in the house or not...

Mortgage fraud penalties run up to 30 years in prison and up to a $1 million fine. Sure you might not get caught, but some people do.

@Janiel Vanderhorst Don't even think about taking a chance at mortgage fraud. The VA loan is clearly laid out for owner occupants and you should absolutely abide by that rule. You need to plan on living in the property. Don't try to buck the system, it's not worth it. The VA loan is such an incredible benefit for those of us that have served our country and we shouldn't try and take advantage of it by bending the rules. Please don't ruin it for others; we don't want the benefit to go away!

@Janiel Vanderhorst

Buy a duplex now using your va loan....when you get PCS'd somewhere another one. I'm a navy veteran and I have to say I find it rather interesting that there is a licensed realtor in North Carolina on this thread that is openly telling you that you don't have to live there. Do not try what will amount to mortgage fraud. ......