5 More FAQs about the VA Home Loan

Real Estate Podcast with Patrick Fitzgerald

Continuing from last time, here are the last five questions featured in our series about the 10 most frequently asked questions we receive about VA loans: 6. “Can I use my VA loan to buy raw land?” I get this question nearly every single day, and the answer is no. The VA loan does not finance the purchase of raw land all by itself. Here in Texas, we have a wonderful program called the Texas Veterans Land Board, which does finance raw land for veterans. If you’re from out of state, you’ll have to look into whether your own state has such a program. 7. “How long do I have to live in the house as my primary residence?” The VA program doesn’t really set a rule on that, but my advice to you is to stay at least 12 months in the home and fully establish your residence as your primary residence, meaning that you live, operate, and receive your mail there. 8. “Can I only use my VA loan once?” A veteran can use their VA eligibility to buy a home over and over and over, as long as the previous house has been sold or paid off. Some individuals may even be eligible to buy two houses at once. “A good point of advice is to always check with the lender you’re working with, as some lenders have additional rules they impose on VA loans.” 9. “Can I pay my own property taxes and insurance?” No—the VA always requires that your property taxes and insurance be a part of your payment. If you’re disabled and pay no property taxes, then just your homeowners insurance would be a part of your escrow. 10. “Can I get another VA loan after filing bankruptcy?” The VA is very forgiving in that matter, so the answer is yes. You will have some eligibility left, and the rules are very specific: If you had a chapter 7 complete liquidation bankruptcy, you have to wait two years from the date of the discharge of the bankruptcy. If you had a chapter 13, you need only wait 12 months before being able to qualify for another home loan. Following these questions, a good point of advice is to always check with the lender you’re working with, as some lenders have additional rules they impose on VA loans. If you have any questions, please feel free to reach out to me. I’m available seven days a week, and it doesn’t cost a penny to talk.