Top Ten List of Eligible VA Loan Purposes

Top Ten List of Eligible VA Loan Purposes
by: Bruce Charles




VA is authorized by law to guarantee loans made to eligible veterans only
for the following purposes:

1. You can purchase or construct a residence to be owned and occupied by
the veteran as a home. The loan may include simultaneous purchase of the
land on which the residence is situated or will be situated.

2. Loans may also be guaranteed for the construction of a residence on
land already owned by the veteran (A portion of the loan may be used to
refinance a purchase money mortgage or sales contract for the purchase of
the land, subject to reasonable value requirements.)

3. The residential property may not consist of more than four family
units and one business unit except in the case of certain joint loans.

4. To refinance an existing VA-guaranteed or direct loan for the purpose
of a lower interest rate.

5. To refinance an existing mortgage or other indebtedness secured by a
lien of record on a residence owned and occupied by the veteran as a home.

6. To repair, alter, or improve a residence owned by the veteran and
occupied as a home.

7. To simultaneously purchase and improve a home.

8. To improve a residence owned and occupied by the veteran as the
veteran’s home through the installation of residential energy
improvements. These energy efficiency improvement loans can be made in
conjunction with any type of VA purchase or refinancing loan.

9. To purchase a single family unit in a residential condo development
approved by VA.

10. To purchase a farm residence to be owned and occupied by the veteran
as a home. If the loan includes the purchase of farmland, the farmland is
appraised at its residential value only.

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