Where Can I Buy A Home With the VA Loan?

The VA Loan is a mortgage option available to military service members, Veterans, retirees, and some family members. It allows them to purchase a home without a down payment while still getting a great rate and approval based on their credit.

There are a few restrictions on the type of home that you can purchase with a VA Loan, but are there requirements for location?

The short answer is no. You can use a VA Loan on any home purchase as long as you qualify. Unlike some other mortgage options, such as the USDA Loan, there is no requirement for a specific location when using the VA Loan.

You will need to occupy the home as your primary residence, however. There are also requirements for basic habitability features, including working electricity and plumbing, required appliances, and drywall. The VA Loan is designed to lead to home ownership rather than investments. There are some options for buying a property that needs some work, but in general, it is best used to buy a home that you plan to move into right away.

The VA Loan can be used to purchase land as long as you plan to build on it and that is included in the offer and contract. You can purchase a farm or other agricultural property with a VA Loan. Just make sure that your purchase includes a home for you to live on at the farm. Some locations have more options available for rural living, while others are more suited to city or suburban homes. This all depends on the real estate market and not the VA Loan itself.

To use a VA Loan, you will need to work with a lender who can conduct mortgage transactions in your area and who will work with a VA Loan. Most lenders are familiar with and like the VA Loan because it is guaranteed by the Department of Veterans Affairs. It is a good idea to verify before you get too far into the home search process, however.

About the Author

Rich Galbreath

Mortgage Broker/Owner at Northstar Mortgage, Inc. · NMLS #328523

I’ve been helping borrowers purchase or refinance their homes since 1994 and have built a reputation as a trusted, professional source for residential mortgage options. Most of my clients are now repeat customers who have stayed with me for many years.

Specializes in: conventional, FHA

Licensed in: IN

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