If you’re a veteran looking to buy a home, you may be wondering if you can qualify for a VA loan. VA loans are available to eligible veterans and offer many benefits, including no down payment and no private mortgage insurance. In this article, we’ll discuss the top reasons to get a VA loan and how to qualify.
Why is it so hard to buy a house with a va loan?
The down payment for a home purchase by a va buyer is waived. Additionally, because the va is guaranteeing the loan, the buyer is exempt from paying private mortgage insurance, which can increase the purchase price by an additional 1%.
Using your dad’s va loan to buy a house.
Using a joint borrower who is not a spouse or other veteran is permitted under the joint va loan program for veterans and/or active-duty military personnel. The majority of lenders won’t approve these types of loans, and they’ll also prevent veterans from purchasing a home with a sister, brother, mother, father, son, daughter, or an unrelated third party.
Buying 2 houses with a va loan.
The verdict: using a va loan, you can purchase two homes.
As a result, using a va loan to purchase a home with the intention of turning it into a vacation home or investment property is permitted. However, you cannot convert the property before you have moved in. You can also make rental income by living in one unit and renting out the others.