The law requires a veteran obtaining a VA guaranteed loan to certify that he or she intends to personally occupy the property as his or her home.

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THE LAW ON OCCUPANCY

The law requires a veteran obtaining a VA guaranteed loan to certify that he or she intends to personally occupy the property as his or her home. As of the date of certification, the veteran must either (1) personally live in the property as his or her home, or (2) intend, upon completion of the loan and acquisition of the dwelling, to personally move into the property and use it as his or her home within 60 days after the loan closing (reasonable).

The above requirement applies to all types of VA guaranteed loans except Interest Rate Reduction Refinancing Loans (IRRRLs). For IRRRLs, the veteran need only certify that he or she previously occupied the property as his or her home.

What is a VA Loan?

VA Lending Limits

VA Loan Closing Costs

Debt to Income Ratios

VA Funding Fee

VA Credit Issues

The Law on Occupancy

Co-signors or Joint Loans

Your VA Loan Checklist

VA Jumbo Loan

FREQUENTLY ASKED QUESTION # 36 [ -more VA Loan questions- ]
- - - - - -
Q: Selling My VA Loan Property - Once I sell my property, am I released from my VA loan obligation?

A: Some people may assume that selling the property purchased with a VA loan releases them from obligation to the VA loan. This is not automatic! The borrower must notify either the VA or the lender and request that liability be transferred to the new owner. The borrower needs to request a 'release from liability" notice from the VA. There is an exception to this policy for those with loans closed before March 1, 1988. In these cases no notification is required, but it is a very good idea to request a release from liability from the VA anyway.

VA Loan Rates
for 1/05/2009

30 year fixed
-----------------
0.000 points
5.000%
5.106% APR

15 year fixed
-----------------
0.000 points
6.500%
6.694% APR

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