Types of Homes Allowed for Financing with VA Loans in Fredericksburg, TX

February 28, 2024

Types of Homes Allowed for Financing with VA Loans in Fredericksburg, TX

By Published On: February 28th, 2024Categories: Fredericksburg TX, Texas, VA home loan, VA Loan, VA Loan Texas

There are several criteria to meet if you want to apply for VA loans in Fredericksburg, TX, and that includes the type of property to buy, which is why it will work to your advantage if you are familiar with the properties allowed in VA loans.

As you may already know, single-family homes are the most common type allowed in VA loans. However, there are plenty of other options you might be interested in. Here are some of them:

Multi-Unit homes. Whether you want to buy a duplex, a triplex, or a four-plex home, you can do so with a VA loan. However, it is imperative to note that you cannot use a multi-unit home solely for investment purposes. The VA requires you to occupy at least one of the units as your primary residence.

Condominiums. Yes, condos are eligible for VA financing. But here’s the thing that you should know: the entire condo complex must receive VA approval before you can obtain a loan to finance a particular unit. If the condo has not obtained approval or is not on the “approved” list, your lender can make a request directly from the VA.

Modular homes. These are homes built in sections at manufacturing facilities and then reassembled on-site by a contractor. VA loans can also finance this type of property. However, to qualify, you should attach a modular home to a permanent foundation and be built based on HUD guidelines.

Airbnbs®. If you buy a home for Airbnb rentals, you should meet several conditions to obtain financing through VA loans. Specifically, the guidelines that require you to keep your home and buy a new primary residence. If the purpose is only to rent it out as an Airbnb, then it is not feasible to finance it via VA loans in Fredericksburg, TX.

Are you looking for a reputable company to help in your application for VA loans in Fredericksburg, TX? Look no further than Homeplus Mortgage. Call us today at (512) 949-3385 for inquiries.