Whileyou can rent out your VA home, you do have to make sure you meet all of the requirements. At the very least, make sure that you refinance out of the purchase VA loan first. If you still have that loan, you can rent out your home.
People also ask
Can a borrower rent out a home purchased with a VA loan?
Can a Borrower Rent Out a Home Purchased with a VA Loan? There are many reasons why a borrower who owns a home purchased with a VA loan would consider renting out his or her property. Active duty military members who are being reassigned to a new base, for example, might want to keep the home but can occupy it for the length of the new tour.
What is a VA home loan?
VA home loans can be used to buy, build, improve, or refinance a home intended to be the borrower home address, or as the VA Lender Handbook says, the rimary residence? Primary residence requires the owner to live in their homes. Primary residences cannot be a timeshare, vacation home, bed-and-breakfast, etc.
Does the VA streamline loan require you to live in the home?
The one thing the VA streamline loan doesn require is that you live in the home as your primary residence. You certify that this is the case when you purchase a home with VA financing, but not with the VA IRRRL program. This means you can rent the home out and not be in violation of any VA rules.
Are you stuck in your home forever with a VA loan?
If you bought your home with a VA loan, you certified that you would live in the home as your primary residence. What if things changed, though? Are you stuck in the home forever, though? Looking for Current Mortgage Interest Rates? Click Here. Luckily, the answer is 榥o.?But, it comes with a condition.