VA Loan question

6 Replies

If i purchased a house with my VA loan and lived in it as a primary resident, but then 6 months down the line i decide this house is not for me because the neighborhood is not all that good. Is this a good enough reason to leave and use my VA loan for another property?...while i try to rent or sell the first property.

Keywords: VA Loan

You in treacherous waters here... you cannot plan to move out before the year as that would violate the agreement you made when you signed up for your mortgage. But, occasionally, there is a circumstance, such as a soldier getting order to move elsewhere, where its acceptable. 

Steven J., Will See Real Estate | 240‑394‑5733 | http://WillSeeRealEstate.com

I agree. By using the VA loan you are confirming you are purchasing a primary residence and plan to live there for at least a year. Military orders trump this, buyers remorse does not. I've used the VA loan twice. I still own both properties, one as a primary residence, one as a rental.

I believe you sign paperwork at closing stating you will live in the property for at least 12 months. You risk a legal claim by your lender if you move out early, if they choose to follow up. This may be unlikely but is a risk.

I was under the impression that you couldn't use a VA loan on a second property if the first loan is still outstanding... So is that not the case? And if not, does that only apply to active duty with changed orders?

Medium blue chariot v1Jonathan Smith, Blue Chariot | (844) YES‑BLUE | http://www.BlueChariot.com | NC Agent # 285033

@Jonathan Smith Check this article out. I think it answers your question in good detail. 

http://www.veteransunited.com/valoans/second-tier-entitlement/

Originally posted by @Freddy Pettiford :

@Jonathan SmithCheck this article out. I think it answers your question in good detail. 

http://www.veteransunited.com/valoans/second-tier-entitlement/

Thanks for the article Freddy... GREAT info of which I was not aware. I've got a VA loan on my current primary residence and was under the (apparently mistaken) impression that I could not get another while this one was still outstanding. THANKS!

Medium blue chariot v1Jonathan Smith, Blue Chariot | (844) YES‑BLUE | http://www.BlueChariot.com | NC Agent # 285033

Originally posted by @Freddy Pettiford :

@Jonathan Smith Check this article out. I think it answers your question in good detail. 

http://www.veteransunited.com/valoans/second-tier-entitlement/

The article is right on. It describes my scenario exactly. I received a benefit entitlement letter from the VA before purchase of our second VA home.

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