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What Can You Finance With a VA Loan?

By: Grant Moon 06/27/13 09:21 pm


What Can You Finance With a VA Loan?

Real estate. Specifically residential real estate that you intend to occupy. One of the primary requirements, and it is a requirement, is occupancy. When you use your VA entitlement to buy and finance a home, you must live in it. It can’t be an investment property. That said, you can buy any home that meets VA minimum requirements for shelter but the loan be used for a variety of property types.

Single Family Homes-Detached

This is simply a moniker for a house on a lot occupied by the owners. It’s called “detached” because it doesn’t share walls or property with other homes.

Condominiums and Townhomes

VA loans can be used to finance condos and townhouses. Both property types are a legal ownership structure where the veteran owns all the square footage on the interior of his unit and equally shares ownership of the exterior and common areas of the condominium project or town home. For instance, an owner shares ownership of a swimming pool, recreation area or sidewalks with other owners.

Both property types must be approved by the VA beforehand. The VA has a checklist that your VA lender must follow making sure the project conforms to VA standards such as having a proper ratio of owners to renters, a budget and sufficient insurance coverage among others.

Manufactured Housing

Manufactured housing is eligible for VA financing under certain conditions. Depending upon the size and construction of the mobile home, your VA home loan can be used to finance manufactured housing. It’s best to work with a VA lender experienced in financing such property types as they must follow specific square footage and foundation requirements.


This is another of those areas where the VA allows for it but lenders won’t issue them. If you’re considering building your own home from the ground up, while you can use your VA eligibility, VA lenders don’t issue them. VA loans are not set up to issue construction funds to a builder as the home progresses and there are other VA requirements on construction loans that make lenders shy away from making them.


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