How To Use My Va Loan To Buy A House

1 Get a VA-backed home loan to buy your first home 2 Use your VA loan benefit again if you sell or refinance a home you bought with a VA-backed home loan 3 Assume a VA-backed home loan (which means that instead of opening a new mortgage loan, the buyer takes over the seller’s loan)

If you qualify for a VA-backed purchase loan, you can use the loan to: 1 Buy a single-family home, up to 4 units 2 Buy a condo in a VA-approved project 3 Buy a home and improve it 4 Buy a manufactured home or lot 5 Build a new home 6 Make changes or add new features (like solar power) to make your home more energy efficient More ...

When you sell the home and pay off the VA loan completely, you can re-use your benefit to buy another home. Your entitlement is restored in full. But that’s not the only way to re-use your benefit. Eligible Veterans and Servicepersons can receive a one-time restoration when they pay off the VA loan, but keep the home.

More than 21 million Veterans and Servicemembers live in the U.S. today, but only about 6 percent of them bought a home using a VA home loan in the past five years. That percentage could be much higher. Eligible Veterans often bypass the program as a viable option for a number of reasons.