Ok, so I have cruised the forums up and down looking for an answer to my question. I have learned a lot about VA Loans that I did not know, however I have come up short on a specific topic to my question.
I am soon to be married and me and my fiance are both active duty military. I have already used my VA Loan and would like for her to use her VA Loan to acquire a second multifamily property. I already understand the VA requirements for occupying a property after purchase but are there any guidelines regarding marriage? If she uses her VA to purchase a property and we later get married, can she move in with me legally, and still maintain the purchased property as a rental? Any advice or shared experiences would be greatly appreciated.
I would recommend talking to a mortgage broker, but to the best of my knowledge, you can do exatly what you are proposing, as long as your wife makes the home a primary residence before you are officially married. You do not need to let the VA know of your personal future intentions as long as you follow all rules during the application process.
A VA requires a 1 year term of using the VA property as a primary residence. However, though the VA can terminate your VA loan, or require a refinance, during, say, a PCS, I've never heard of this happening. The marriage will act as much the same way. You're living status has legally changed after acquiring the property. Again, talk to a mortgage broker, but I think you are clear to sail.
Another interesting note about the VA, you are able to have multiple VAs at one time as long as your total loan amount on all outstanding VA loans is less than the limit; which, last I checked, was ~$417k.
We as military members have a phenomal opportunity with the VA. It's essentially free money :)
Hope the long post helps. Good luck going forward!
You will be fine as long as you follow the VA guidelines. The loan is guaranteed by the VA and the the loan will be sold probably two or three times down the road. Who ever gets the loan will only be interested in whether the payments are made or not made.
I love VA loans. The key with Va loans are how long you live there and not much best. So if your finance buys a house and than 3 month laters you get married she moves in, "iffy". Possible but you are not living up to the one year requirement. A lawyer told me it come down to the "Sniff" test. If it smells bad.....
If she buys a house and than 10-12 months later, you get married, so much "easier" Heck after 12 months you can just move in with her. The VA loan is fantastic, and very good. They just want you to treat it as a personal for at least a year minus unforeseen circumstances :)
@Elizabeth Colegrove thanks for the reply, nothing really that I planned but I couldn't find anything black and white on the subject. I hope after talking to a broker I find something solid. I really wish I had BP as a resource years ago I would have started investing. Thank you again for your insight!
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