Having an idea about what the restrictions are under the official VA loan guidelines can help you in making a decision about financing. Basically, VA Loans can be used to buy or build a primary residence, refinance a current VA Loan, as well as provide a refinancing option for standard loans or other forms of debt obtained by record of lien. These loans can also be used to make home improvements or renovations for the purposes of increasing energy efficiency.
According to these same guidelines, you cannot use a VA loan to purchase l and, investment properties, or non-residential items like RVs or houseboats. Furthermore, a VA loan cannot be used to buy multiple units in a housing complex unless the applying veteran plans to use these units as part of his or her main place of residence.
There are a number of reasons to consider VA loans but it is important to keep the restrictions in mind so you can make the right decisions about what course to take as far as what type of home financing you plan to use.
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