If you are a veteran or an active-duty service member considering homeownership, a VA loan can be an excellent option. These loans are specifically designed to help eligible borrowers purchase homes with favorable terms. However, it's essential to understand what types of properties you can buy with a VA loan. In this article, we’ll explore the various property types that qualify for VA financing.
1. **Single-family Homes**: The most common property type eligible for a VA loan is a single-family residence. This can be a detached home or a townhouse, provided it serves as your primary residence.
2. **Multi-family Properties**: You can also use a VA loan to purchase multi-family properties (up to four units). However, you must occupy one of the units as your primary residence. This can be a great way to generate rental income while living in one of the units.
3. **Condominiums**: VA loans can be used to buy condos, but the condominium project must be VA-approved. Make sure to check the list of approved projects to ensure eligibility.
4. **New Construction**: If you’re interested in building a new home, you can utilize a VA loan for new construction. However, the builder must be approved by the VA, and the home must meet specific construction standards.
5. **Manufactured Homes**: VA loans can also be used to purchase manufactured homes, provided they meet certain criteria, including being affixed to a permanent foundation and meeting specific safety standards.
6. **Mixed-Use Properties**: If you're considering a property that has both residential and commercial uses, it may still qualify for a VA loan as long as the residential portion is your primary residence.
In conclusion, VA loans offer a variety of options for veterans and active-duty service members looking to purchase property. Whether you're interested in a single-family home, a multi-family unit, or even a condo, understanding the eligibility criteria can help you make the most of your benefits. If you have any questions or need assistance with the VA loan process, feel free to reach out to The Wiley Group LLC at 281-741-8766 or mwiley@thewileygroupllc.