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In a Va loan assumption purchase does the home being purchased have to be owner occupied?

10 Answers

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  • Anonymous
    2 months ago

    Of course not!  

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  • Anonymous
    2 months ago

    Idjdjdjdjdududuf

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  • John
    Lv 4
    3 months ago

    You can't assume va loans or purchase them unless you buy out the government.

    That costs.

    If your a qualified veteran you might be able to purchase the property using your benefits but you can't profit off another veterans benefits.

    I imagine you'd have to pay full value.

    • John
      Lv 4
      2 months agoReport

      Someone apparently doesn't like truthful asnwers

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  • 3 months ago

    Usually yes by the buyer or a family member.  

    IT can be different depending on WHERE the home is and if the BUYER is still active duty  and can be deployed etc. 

    Check with YOUR VA and the LENDER to make sure. 

    BE SURE and get what they tell you n writing just in case someone steers you wrong there.

    IN SOME CASES you can have a VA home and even rent it out. Check about that to but you will need to have additional insurance and IN MOST cases a Permit and or inspection to rent it out.

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  • 3 months ago

    check with VA.

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  • Judy
    Lv 7
    3 months ago

    would depend on the terms of the loan you're assuming, There aren't a lot of assumable loans any more.

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  • 3 months ago

    Yes. VA does not do any non - owner occupied loans.

    Source(s): Mortgage lender 33 years.
  • 3 months ago

    VA loan, the home ALWAYS has to be owner occupied by the buyer (the person eligible for the VA loan). Seller doesn't matter.

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  • A.J.
    Lv 7
    3 months ago

    VA loans closed before March 1, 1988, were assumable without conditions for the buyer, but that was now over 30 years ago. Now, both the lender and VA need to give approval, and it is highly unlikely they would approve it to a non-owner occupied renter situation.

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  • 3 months ago

    By the purchaser? Yes.

    VA loans can not be used for rental or investment property.

    >>>VA Loan Occupancy Requirements. Veterans and active duty personnel who secure a VA loan have to certify that they intend to personally occupy the property as a primary residence. Essentially, homebuyers have 60 days, which the VA considers a “reasonable time,” to occupy the home after the loan closes.<<<

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