While the VA home loan program is for veterans and active military members,you can rent out your property secured with a VA loan. You may be eligible to complete an IRRRL (Interest Rate Reduction Refinance Loan) on your existing property if you have made at least 6 consecutive monthly payments on it prior to purchasing a new 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?
A low-cost home loan backed by the U.S. Department of Veterans Affairs ?also called a VA home loan ?is more than just a way for veterans to afford homes. The loans can also be used to help veterans buy rental homes that they can make some extra money from as landlords.
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.
Can a VA loan be used to buy a primary residence?
Yes, but with some contingencies. The Department of Veterans Affairs intends for the VA home loan program to get service members and Veterans into primary residences rather than purchase income properties. But once you檝e met the owner-occupancy rule, then you may be able to refinance and rent the property when you move into a new home.