VA Home Loan Eligibility
Videos feature Tim Lewis, VA Loan Team Manager, NMLS #157603.
What types of homes are eligible for VA home loan financing?
Many types of homes are considered "financeable" under the VA Home Loan Guaranty Program. And, there are certain guidelines a property must meet before it can be financed with a VA mortgage.
Previously owned and new construction single family homes are eligible. They just need to be in good "safe and livable" condition as determined by a VA-approved appraiser.
Condominiums and townhomes are handled a little differently. Lenders have access to a list of condominiums and townhomes, planned unit developments, and builders that are VA-approved. Homes on the list qualify for VA financing. If the home you want is not on the list, you can fill out paperwork and submit it to the VA to see if it qualifies.
Finally, some manufactured homes are also financeable. They need to be classified and taxed as real estate, must be affixed to a permanent foundation, and must conform to building codes and zoning requirements. Certain types of modular homes may also be eligible.
Even though VA guidelines allow for financing on these types of properties, individual lenders may not offer VA loans on all of them.
A VA mortgage professional can help you understand the property eligibility guidelines in your area.
Back to VA Loan FAQ's
