VA Loans: Eligible Homes and Properties
If you're a veteran or an active-duty military member, one of the best benefits you can receive is access to VA loans. These types of loans offer some of the best terms and interest rates on the market, making them an attractive option for those who qualify. But what homes qualify for VA loans? Let's take a closer look.
Single-Family Homes
The most common type of property that qualifies for a VA loan is a single-family home. This can be a detached home or a row house, as long as it meets certain requirements. For example, the home must be your primary residence, and it must meet the VA's minimum property requirements.
Condos
If you're interested in purchasing a condo with a VA loan, you'll be pleased to know that many condos are eligible. However, the condo complex itself must be approved by the VA. This means that the complex must meet certain requirements, such as being at least 50% owner-occupied and having no more than 25% of its square footage used for commercial purposes.
Manufactured Homes
In some cases, manufactured homes can be eligible for VA loans. However, the home must meet certain requirements, such as being permanently attached to a foundation and meeting the VA's minimum property requirements.
Multi-Unit Properties
If you're interested in purchasing a multi-unit property with a VA loan, there are a few things to keep in mind. First, you must live in one of the units as your primary residence. Second, the property must have no more than four units. Finally, you must meet the VA's minimum property requirements.
Key Takeaways
So, what's the next step if you're interested in purchasing a home with a VA loan? We recommend speaking with a mortgage professional who specializes in VA loans, such as Mortgage Brokers Pro . They can walk you through the process and help you find the right loan for your needs. Plus, they have experience working with VA loans, so they know exactly what to look for when it comes to eligible properties.