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The VA loan is arguably one of the best options for Veterans and military members. Through the VA loan, Veterans can purchase a home with no money down and have an easier time getting the loan because the VA guarantees a portion of the mortgage.. For Veterans who are considering using the VA loan to purchase a home, it is essential to understand the details of agreeing to buy a home and what Veterans and active military members purchasing multiunit properties still need to meet the VA's occupancy guidelines. These loans are for purchasing primary residences that borrowers intend to live in full-time. VA buyers looking to buy a multiunit property will need to intend to occupy one of the property's units as their primary residence. There are two scenarios that allow VA buyers to use a General POA. The first is that buyer is able to sign the initial loan application and the purchase agreement. It doesn't matter if they're not able to sign other documents as the loan process moves forward. If they can sign these two early documents, you can use General POA. VA lenders can use income from a variety of sources but each must meet a minimum set of requirements. The first requirement is that the income must be verified as full time and in VA lender world Real estate agents can help better target your home search by focusing on properties that are likely to meet the VA's appraisal guidelines and lender requirements. The VA appraisal is meant to help veterans and service members purchase homes that are safe, sanitary, structurally sound and appropriately valued. Top VA Purchase Lender in FY Here are four key things that prospective buyers need to know about using their VA home loan benefit to buy a foreclosure. 1. The Savings Can Be Big. Foreclosures can present buyers with a significant savings opportunity. Every market is different, but distressed properties typically sell for less than other homes available. Buyers looking to purchase a multiunit property and count projected rental income toward loan qualification will typically need to have a two-year tax history as a landlord. Many times they'll also need cash reserves. In these situations, Veterans United currently requires six months' worth of mortgage payments in reserves. Your mortgage payment includes the principal, interest, funding fees (if any), taxes, and insurance premiums. For instance, if you are borrowing a loan amount of $153,450 at an interest rate of 3.125% (APR) and choose not to make a downpayment, your estimated monthly payment will be $852. Minimum Property Requirements. Veterans and service members seeking a VA home loan should know that properties must meet the Department of Veterans Affairs' Minimum Property Requirements (MPRs) in order to satisfy both the VA and lenders. The VA put MPRs in place to try and help safeguard borrowers from purchasing properties that are not safe You can't use your VA loan to purchase a commercial enterprise or non-residential property, and you must occupy the property. The multifamily home must meet VA loan requirements for building code compliance, foundation and location. Multifamily homes purchased with a VA loan can have one to four units. While it is not mandatory to have an outstanding credit score, it is neces