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Veteran smiling as he returns home to family

What Types of Homes Can I Buy with VA Loans?

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Today’s VA loans market is booming and in modern real estate a variety of different homes are offered; such as apartments, condominiums, manufactured homes, and single-family homes. While a variety to choose from is ideal, VA loan buyers have to focus on particular properties to receive loan approval.

The single family home is the type of home regularly approved for VA loans. In general, there are no real restrictions on single family home eligibility (outside of general VA funding limits).

Condominiums and townhomes are eligible to be approved for a VA loan, but the entire complex must receive approval from the Department of Veteran Affairs before they can receive a loan for one particular unit. There are some complexed listed the on VA’s website that are already approved. If the complex is not approved, the lender you are working with can request approval directly from the Department of Veteran Affairs. Unfortunately, this process can take awhile due to the lengthy inquiry of the condo’s documentation, title, parking availability, and homeowner association information.

Manufactured homes, also known as mobile homes are also eligible to receive VA loans. Unfortunately, it is extremely difficult to find a lender who is willing to fund the manufactured home. Most homes gain value over time, however, manufactured homes depreciate over time. If you manage to find a lender who will approve you, the requirements for loan include that the property must be properly affixed to a permanent foundation, single-wide homes must be at least 400 square feet, and there must have permanent eating, cooking, sleeping, and sanitary facilities.

Modular homes are built in sections at a factory and then reassembled on-site. The homes can also be financed through the VA and it is much easier to find a lender to accommodate you due to the the fact these homes appreciate in value. In order for these homes to meet guidelines, the home must be affixed to a permanent foundation and been built according to HUD guidelines.

Obtaining a new construction loan is very difficult and involves thorough inspections. Vacant land is not eligible to be financed through the VA due to there is no home to be your primary residence.

There are a large variety of home choices to pick from to provide a primary residence. It is important to compare all pros and cons of the VA loan.