Updated almost 10 years ago on . Most recent reply
VA Loans - Is there a rental scenario when moving on?
My brother-in-law owns a house which he has lived in it for 10 years, using a VA loan. He is now relocating out of state.
Question: Can he rent it out without issue (being that it is a VA Loan)? He is NOT worried about needing the VA Loan Eligibility to purchase the new-home-to-be.
I looked briefly on the VA Benefits website but they only talk about getting INTO a loan... and NOT about a Renting (EXIT) scenario.
Also would the renters have to be veterans themselves? Or could they rent to anyone?
Thanks in advance for your help.
Dave
Most Popular Reply
Hi @Dave Godfrey,
Not a mortgage broker but I do have a VA loan and it is my understanding.
1) As long as he has met the requirements (1 year) he can keep the house and rent it out to anyone he sees fit. (He still owes on the mortgage of course)
He can actually get another VA loan while maintaining that one if he is moving far enough away for cause (Sounds like states away due to job or some such would qualify) and have 2 VA loans if he wants.
- Mike Cumbie