December 11, 2024

Buy second home with va loan. It will be our new primary residence with out previous home being an investment property.

Yes, you can use a VA loan to buy a second home if it will be your new primary residence. The VA loan benefit is intended for purchasing or refinancing a primary residence, so as long as you plan to move into the new home and make it your primary residence, you can use your VA loan entitlement for this purpose.

Here are some key points to consider:

1. **Occupancy Requirement:** The VA requires you to certify that you intend to occupy the house as your primary residence. Typically, you should move in within 60 days of closing, though there can be exceptions for active duty service members.

2. **Full Entitlement:** Ensure that you have enough VA loan entitlement remaining to purchase the new home. If your previous home was financed with a VA loan, you may need to restore your entitlement, potentially by selling the previous home or refinancing it into a conventional loan.

3. **Investment Property:** Your previous home can indeed become an investment property. Rental income from this property might even be considered by some lenders when determining your qualification for the new VA loan.

If you have additional questions or need specific guidance, it might be beneficial to speak with a VA loan specialist. I recommend reaching out to Patton Gade, a professional loan officer, for personalized assistance. You can contact him at 623-866-3974 or via email at pgade@umortgage.com.