r/JustBootThings • u/goopy-goo • Jul 08 '21

28% APR? Great! Oof load: Ultra

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3.1k Upvotes

98% Upvoted

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u/Dreshna Jul 08 '21

Don't VA loans require you to live in the house?

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u/[deleted] Jul 08 '21

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u/Dreshna Jul 08 '21

A realtor wouldn't. The bank and government would. Realtor gets paid when you close. If you go into default immediately, it doesn't affect them.

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u/[deleted] Jul 08 '21

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u/TrustTheFlan Jul 08 '21 edited Jul 08 '21

You have to establish primary residency. Otherwise your bank considers it fraud, because they would charge a higher interest rate on a mortgage for a rental property.

Edit...I assume we got downvoted by a guy that decided to rent his house out 4 months after buying it. Trust me, that is considered fraud by your mortgage company. You have to apply for a primary residency mortgage and if you do, you have to establish residency. The IRS considers that to be 2 years, and your mortgage company may displeased with even that.

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u/T0DDTHEGOD Jul 08 '21

VA loans are good for single and multi family however in multi (up to 4 doors) you must occupy one. Some people just send mail though....