Mortgage Basics
What Type of Home Can I Buy?
VA loans offer veterans and active-duty service members the opportunity to purchase a wide range of homes with attractive terms and benefits. Whether you're looking for a cozy starter home, a brand-new build, or a more flexible housing option like a manufactured home, a VA loan can help make it possible. Understanding what types of properties qualify is key to making the most of your VA loan benefits.
A single-family home is one of the most popular property types purchased with a VA loan. These homes are ideal for families or individuals seeking a personal residence in a suburban or urban neighborhood. VA loans can cover both the purchase price and necessary repairs or improvements through programs like the VA Renovation Loan.
If you're dreaming of a brand-new home, a VA loan can help finance its construction. This can include custom builds or homes in new residential developments. However, you'll need to work with a builder or contractor approved by the VA and ensure the property meets all VA standards.
VA loans can also be used to purchase a townhouse or condominium, but the project must be VA-approved. The Department of Veterans Affairs maintains a list of approved condo developments, ensuring they meet specific standards for safety, soundness, and marketability.
VA loans extend to manufactured homes, as long as they are affixed to a permanent foundation and meet VA property requirements. Borrowers can also finance the purchase of a lot for placing a manufactured home.
In addition to buying a home, VA loans can be used for refinancing an existing mortgage to obtain better terms, reduce your interest rate, or access your home equity through a VA Cash-Out Refinance. Some programs also allow for financing energy-efficient improvements like solar panels or insulation upgrades.
Find Your Perfect Home with a VA Loan
From single-family homes to new construction and beyond, VA loans offer flexibility for veterans and active-duty service members to find the perfect residence. With no down payment requirements and competitive rates, VA loans make homeownership accessible and affordable. Ready to explore your options? Reach out to Vision Home Mortgage for expert guidance tailored to your needs.
