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Can I use my VA benefit for vacation property?

I am a retired Vet, 80 years old. I recently discovered that I have unused VA benefit and considering purchasing a vacation home in Florida. I have 645 FICO and high debt (about 60%) and purchase price about $185,000. I own 3 other properties ($500k total) and I have a fixed income of $7,500/month. Any help is great. by DSmithMaryville800 from Las Vegas, Nevada. Mar 29th 2018 Reply


Brad Henderson (bradthelender)
#28 ranked lender in Nevada - 21 contributions

No. VA benefits can only be used to purchase a primary residence. Vacation homes go conventional and start at 10% down. If you want to look into it further, my brother lives in FL and does mortgages so I can hook you up if you want. Let me know. Brad

Mar 29th 2018
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Jason Wood (jasonwood)
#700 ranked lender in California - 15 contributions

I'm actually from Nevada and specialize in VA loans (Air Force Veteran myself). Brad is correct with the use of the VA loan; it can only be for primary occupancy and cannot be for vacation properties. With that said, I can also help you with your home purchase in FL as I'm licensed there. Call me to discuss more (775) 250-4184.Jason WoodNMLS#317293

Mar 29th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,414 contributions

You cannot use your VA benefits for a vacation home.. it's only for a primary residence.. so if you decide to move to Florida full time, and keep your existing home as a 2nd home, then that would be acceptable.. For VA, it's 100% financing.. however, if you truly are looking for a vacation home, then the minimum down payment is 10%.. Also, when it comes to DTI, it's best to let your loan officer calculate it for you.. typically, borrowers *(and some inexperienced loan officers) calculate it incorrectly.. For this reason, I suggest you contact a mortgage banker/broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with a Banker/Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the banker/broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the big box banks. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Mar 30th 2018
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Joe Metzler (JoeMetzler)
#18 ranked lender in Minnesota - 3,727 contributions

Not only can you not use a VA loan to purchase a vacation property, but your 60% debt ratio would get the loan denied too. For VA loans in MN, WI, and SD, visit my VA loan website at www.VAMortgageMN.com

Apr 3rd 2018
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