VA Loan Occupancy Requirements
One of the requirements associated with VA Loans is an occupancy requirement. The requirement varies for different situations, so it's important for borrowers to understand different provisions they may be entitled to. The primary requirement is that the borrower must personally occupy the home. This means that they must live in the home or intend to live in the home within a reasonable time following completion of the loan and acquisition of the property. A reasonable time is defined as 60 days after the loan closing. However, if a specific date of occupancy after closing is specified, and future events will make this date attainable, the reasonable time may be extended. Typically, anything beyond 12 months will not be considered reasonable. One exception for having to personally occupy the home is in the case of an Interest Rate Reduction Refinancing Loan. In this situation the borrower needs only to certify that he or she previously occupied the home.
For those who may need to travel often and/or for extended periods of time for business, there are certain intermittent occupancy provisions. Intermittent occupancy is acceptable only if the borrower has a history of continuous residence in the community and there is no indication that the veteran has established or will establish primary residence elsewhere. Seasonal vacation homes do not meet this requirement.
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There are also certain cases where a borrower's spouse can satisfy the occupancy requirements. For an active duty borrower, the requirement can be satisfied by the spouse if he or she is unable to occupy the property within reasonable time because of active duty commitments. For veterans, it depends from case to case, but sometimes can be done if a veteran cannot move within reasonable time because of non-military employment commitments elsewhere. A spouse is the only family member who can satisfy this requirement. Service members deployed from their permanent duty are considered to have temporary duty status and are considered to have already proven intent to occupy the residence. In these cases, it is not necessary for a spouse to occupy the home prior to the borrower's return.
See a related article: Are you eligible for a VA Loan?
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