My wife and I are looking to purchase another personal residence, and since I was in the military, I am pondering whether to get a VA loan to handle the bulk/all of the purchase. One thing I’m trying to find out is whether VA has any owner-occupant time restrictions. I know they only loan based on the purchase of a homestead (i.e., not investment property), but are there time restrictions? IOW, what happens if we purchase the property and want to use it as a rental later - do we have to wait a certain period of time? Can we even do it? Thanks!
The last time I bought a personal residence (not through VA though), there was a 1 year residency requirement. That being said, you will be OK if your intent is to occupy the property as your primary home and there is no fraud in order to secure a lower rate for an investment property. If something happens and you have to move or cannot move into the property, there is no loan police looking for you.
I think the VA has a 2 year occupancy requirement (Might just be 1 year, ask them). But it’s my understanding that they are very strict about it.
None of this “I intended to move in” that sometimes other banks will accept.
If you are active military, it might be possible to get a VA, and keep the house as your home of record if you are transferred and the VA would probably be happy with that.
You need to find out for sure before you apply for the loan. Do not ask strangers on the internet when the answe is so important.
12 months is the standard answer but it can be as little as six months with extenuating circumstances.