While you 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. If you refinance out of it,though,you are free to do what you want with the 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.
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.
Can You House Hack with a VA home loan?
One of the stipulations of the VA Home Loan is that you (the borrower) must live in the home as your primary residence for at least one year. It is intended to be used for a primary residence, not an investment property. That being said, you could house hack with a VA loan, or just wait out the year.
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.