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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 the borrower 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 make this date unattainable, 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 occurs with an Interest Rate Reduction Refinancing Loan where 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.
There are also certain cases where a borrower's spouse can satisfy the occupancy requirements. If you are an active duty borrower, your spouse can satisfy the occupancy the requirement if you are unable to occupy the property within a reasonable time because of active duty commitments. If you are a Veteran, whether or not your spouse can satisfy the occupancy requirement varies from case to case. Your spouse may be able to satisfy the requirements if you cannot move within a reasonable time because of non-Military employment commitments elsewhere. It is important to remember that your spouse is the only family member who can possibly satisfy this occupancy requirement. If you are a service member deployed from your permanent duty, you are considered to have temporary duty status and, as such, are considered to have already proven your intent to occupy the residence. In these cases, it is not necessary for your spouse to occupy the home prior to your return.
See a related article: Are you eligible for a VA Loan?
We are the online Home Loan Specialists. It is our goal to ensure that your VA Home Loan process goes as smoothly as possible. Let us help you get the process started online today, or call us at 800-405-6682.
If you need advice concerning Veteran Home Loans, feel free to contact a Home Loan Specialist online or call 800-405-6682. Specialists can help determine whether a Veteran Home Loan is the best financial decision for you.