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United States veterans can use the VA home loan program to purchase a property, but it is important to understand the requirements and limitations of such loans when house hunting.

Here are a few details about the VA home loan regarding properties that are usually approved.


Existing Residential Properties in VA-Approved Projects

In many parts of the United States, the easiest way to get a home is to purchase an existing property. For veterans, using the VA (Veteran Affairs) home loan is an efficient path to home ownership.

Depending on the definition of vacancy (truly empty versus in ownership limbo), there are between 1.7 to 18 (one point seven to eighteen) million vacant homes in the United States. They’re not all high quality properties, but there is a large supply nonetheless.

For homes that are ready to purchase, go with the 1.8 million number. Although they may not all be in the same local area or even state that you want, that’s a lot of opportunities for new beginnings.

Instead of renting a home in an area, you can use your VA home loan to make one of those existing homes your own. You can even purchase homes and pay for upgrades with the same loan at the same time.


Multi-Unit Properties (Up to 4-Plex)

Moving in with friends or family, making a bit of money by renting out to others, or just having extra storage areas is possible with multi-unit properties.

This is a good investment for high-density areas or college towns where some students would love to have a room of their own off campus. Think about getting out of the barracks and living off base. It’s a similar feeling.

You could pay off your mortgage with the rent from others, and even have one of the units to yourself. This would allow you to keep an eye on the property while still having a decent home to yourself.


Manufactured Homes, Mobile Homes, and Modular Homes

Manufactured homes and modular homes may be a great option if you’re more interested in having land access and less interested in the value of a building.

Especially for farmers, people who want to live outdoors more often, or people with valuable resources on their land, mobile homes and modular homes are faster and more affordable, giving a place to live while leaving more money for land parcel purchases.

Be careful in areas that are prone to storms. Areas such as Hurricane Alley and Tornado Alley make certain manufactured homes dangerous to live in.


New Construction with VA-Approved Plans

Build a new home and follow a plan that suits your needs.

There are limits to what you can build, since the VA wants to make sure that the building plans are likely to stay close to your loan’s budget. Since the VA is controlling the program, they wouldn’t want any scams being approved, either.


For more information on the loans available for veterans looking to own, build, or upgrade a home, contact a VA home loan expert.