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if i get a va loan can i start renting out the place within a year?

by anakasen345983 from Washington, District Of Columbia. Jan 13th 2015 Reply


Ernesto Marez (Ernesto)
#69 ranked lender in Maryland - 137 contributions

hello,once you by the property you can do with it as you will.we specialize in VA loans, feel free to call or email me with any questions or for rates and programsErnesto Marezemarez@thefederalsavingsbank.com

Jan 13th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,446 contributions

When you purchase a home using an OWNER OCCUPIED LOAN, you sign documents indicating you will live in the property. Generally speaking, this is for at least one-year. After that first year, you are free to do whatever you wish. You situation can change over the course of the year (job change for example), and that is OK, but what they are looking for is your INTENT at the time of purchase. Non-owner occupied loans come with bigger down payments and higher rates, so people are always to commit occupancy fraud.

Jan 13th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

VA loans are for owner occupied properties only.. once you have lived in the property for 12 months, you are allowed to rent it out. If you rent it out sooner than 12 months, you'll be in breach of VA guidelines.. Also, your benefits will be reduced so you might not be able to use VA again until that loan is paid off.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jan 13th 2015
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