Pinnacle Real Estate Advisor is the premier VA mortgage specialist in Missouri, Kansas, and Illinois. Millions of veterans and military members have access to what’s arguably the most powerful and flexible mortgage option out there. VA loans require no down payment or mortgage insurance while featuring forgiving credit and underwriting requirements. These government-backed mortgages are more popular than ever in a time of tight lending. But they’re not the right fit for every military borrower. For as much flexibility and buying power as this benefit conveys, there are also some things you can’t do with a VA loan. That’s mostly because this is a loan option focused on helping veterans purchase move-in ready homes they’ll live in year round. Here’s a closer look at what you can—and can’t—do with a VA home loan.
Acceptable Uses The most common use is to purchase or refinance a single-family home. But eligible buyers can also purchase a condo, provided the unit is in a VA-approved development. Falling in love with an unapproved condo isn’t necessarily the end of the line. Pinnacle may be able to help you get the development approved, but the process can take some time. Borrowers can also use a VA loan to buy a modular home or purchase up to a four-unit property as long as they live in one of the units.
Unacceptable Uses The VA wants veterans using this program for primary residences. You can’t purchase or build a vacation home or a purely investment property with a VA loan. New construction is possible, but veterans can’t simply purchase a plot of land with the intent to build a home some day. You also can’t use this as a business loan. Again, the focus is on primary residences.
To find out if a VA home loan is right for you, please contact a Pinnacle Real estate advisor today or visit PinnacleRealEstateAdvisor.com to learn more.