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When purchasing a home using the VA home loan, does the property have to be the veterans primary residence?

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Home Loan

My husband and I purchased our first home last year using his VA home loan and now we may have to relocate to another state for work. We do not plan on selling the house but instead plan on renting it out. Will that forfeit the VA home loan and will we have to change our loan terms?

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    Yes, it does have to be a persons primary residence for a minimum of 2 years.

    It’s a situation where unless the finance company finds out about it, they can force you pay in full the loan amount. People try to get around it, but once they find out, the VA *will* pull their backing of the loan. It happened to someone at my husband’s NOSC – they relocated due to PCS and it was less than 2 years and were forced to refinance.

    You also wont be able to get another VA loan until this one is paid off.

    Response: The VA loan backing is one aspect of it. Your mortgage company may have rules about how long you have to hold it as your primary residence. You signed those agreements. Read them, or have a lawyer look them over to make sure. Some companies are understanding of active duty military, some aren’t.

    Meggerz - Sep 23, 2012 |