What Properties Can You Buy With A VA Loan?

Thomas Short
Military VA Loan contributor

Some home buyers assume the only thing you can buy with a mortgage is a regular house. But some homes are far from ordinary, and other homes that seem ordinary may not be.

Just like all other loan programs, VA loans have specific stipulations on what you can and cannot buy. Some of these stipulations could put your dreams of getting that new home on hold.

Here’s a breakdown of what types of homes and properties you can and cannot buy with a VA loan.

Check today’s VA rates.

Can I buy any regular home with a VA loan, regardless of cost?

If by “regular” home you mean a single-family house, townhouse or apartment, then yes. As far as cost goes, there’s no limit to the cost of the home you can buy. Technically speaking, there’s no maximum amount you can take out with a VA loan.

As of January 1, 2020, VA-eligible borrowers can get any size loan with no down payment. There are no official limits. But remember, you’ll still have to qualify for the mortgage.

So, if you are buying an eligible home, you can definitely use a VA loan.

Click to check your VA loan eligibility.

Can I buy an apartment building with a VA loan?

Yes – but with a technicality.

VA loans are meant to give VA members the chance to afford a home to live in. With your loan, you can purchase a property that has up to four units. To be eligible, you’re going to have to permanently reside in one of the units. This is fairly standard with other mortgage types, such as FHA loans.

You don’t have to live in the building the entire time you own it, though. Once you pay off your VA loan, you’ll now own a four-unit building that you can rent out for additional income.

Can I buy a vacation house with a VA loan?

Because VA loans are meant for buying a home to live in, you cannot buy a vacation home. In fact, you cannot buy any type of second home in general with the VA loan, and you cannot have two VA loans out at the same time.

Can I buy foreign property with a VA loan?

Even if you’re planning on permanently moving into a home in a different country, VA loans will not cover foreign property. You need to purchase a home in designated spots in the United States, which for most VA home buyers is no problem at all.

Can I buy a mobile home with a VA loan?

Technically, you’re able to buy a mobile home and the property you put it on with a VA loan. However, these mortgages are incredibly tricky, and you’ll have a difficult time finding a lender that’s willing to approve you for this.

That being said, these programs are available with a few VA lenders. If you are looking for this type of loan, the best thing to do is get in touch with multiple lenders.

Click to get connected with VA lenders.

Can I buy an investment property with a VA loan?

VA loans can’t be used to purchase an investment property. That being said, you can always purchase a home with a VA loan and pay the loan off. After that, the house is officially yours and you can do whatever you want with it — including renting it out.

You also can’t flip homes with a VA loan. The goal of the program is to offer special home buying benefits to veterans. These benefits are better than any other program, and lenders don’t want you taking advantage of the program.

While it might seem like you don’t have many options when it comes to purchasing a home, most houses in the nation are VA eligible. Home buyers looking to purchase a new home to live in can certainly take advantage of the VA loan and all its benefits.

Check today’s VA rates.