VA is authorized by law to guarantee loans made to veterans and service members. Below are the following purposes to use your VA eligibility:
- 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.
- 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.)
- The residential property may not consist of more than four family units and one business unit except in the case of certain joint loans.
- To refinance an existing VA guaranteed or direct loan for the purpose of a lower interest rate.
- 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.
- To repair, alter, or improve a residence owned by the veteran and occupied as a home.
- To simultaneously purchase and improve a home.
- 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.
- To purchase a single family unit in a residential condo development approved by VA.
- 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.
