What Are Occupancy Requirements? | Quicken Loans and the Department of VA

♪ [music] ♪ – There’s a question about occupancy. And this is basically occupancy requirements for a VA loan and there’s kind three little sub-sections, I’m gonna read ’em all off you can kind of answer pieces of each, but the first is- Can I rent my home when I get a VA loan? So in other words, they’ll get a VA loan and then they want it rented to somebody else. How soon after buying my home do I have to move it? So it’s that, is there kind of waivers if I’m deployed overseas, if in active duty? And then, can I have more than one home or buy a vacation home with VA loan? So, I have a home and then I want to buy another home, and I don’t sell the first home. I believe there’s another question that there’s, it’s about a person under water, so how does that work? – [John] |So, from the VA perspective, occupancy of course is one of the pillars of the program. The program was not instituted for, you know, for investors. We want this to be the home that you live in, you know. So, occupancy is we need to have the intent to occupy, uh, we define that within 60 days of loan closings, of the loan closing, sorry. Um, it’s, u, there are two reasons for exception, one is a specific event in time and the other one would be a specific time frame. So, if you’re coming off active duty and it’s gonna be outside of that sixty-day time frame, then those would be reasons why you would, uh, uh, submit for an exception. ♪ [music] ♪

Leave a Reply

Your email address will not be published. Required fields are marked *