VA Loans Occupancy Law

The Department of Veterans Affairs requires that you certify your intent to occupy the home financed with a VA Loan.

Veteran Home Loans Rates for 7/27/2008
30 Year Fixed ----------------- 0.000 points 6.500% 6.618% APR		15 Year Fixed ----------------- 0.000 points 6.500% 6.500% APR		Hybrid 3/1 ARM ----------------- 0.000 points 7.500% 8.000% APR

Frequent Question # 37:
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Mortgage Payments - What happens if my mortgage is sold to another mortgage company?
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Chances are you will make payments to different lenders over the course of your VA mortgage. Selling mortgages from lender to lender is common, and sometimes a VA mortgage payment is sent to the old loan holder because notification of the new owner of your loan and your payment became crossed in the mail. If this happens, you may receive a notice of non-payment from the new loan holder. Don't delay in contacting the new owner of your VA mortgage to straighten up the problem. While it is technically up to the two lenders to fix the matter, your credit rating and payment schedule could be affected if you don't act accordingly. -- -- -- -- -- -- -- --

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VA Loan Facts Behind Occupancy

The VA guidelines specifically require a veteran obtaining a VA guaranteed home loan to certify in writing that they intend to personally occupy the property as their home. On the date of the certification, the veteran must either (1) personally live in the physical property as their home, or (2) intend, upon completion of the home loan and acquisition, to personally move into the property and use it as their home within 60 days after the loan closing (this is considered reasonable).

The above VA requirement applies to all types of VA guaranteed home loans except for Interest Rate Reduction Refinancing Loans (IRRRLs). For these Interest Rate Reduction Loans, the veteran only needs to certify that they previously occupied the property as their home.