When applying for an excellent Virtual assistant Financial, the fresh new candidate need to demonstrate that they decide to inhabit the property because their domestic
- Refinanced its Va loan towards the a non-Va loan and still very own the house,
- Had a damage claim (otherwise quick purchases) for the a young Va loan and you will did not pay-off the new Va completely,
- Got an action in the place of property foreclosure to your an earlier Va loan (it indicates it transported the home’s term for the bank that retains the loan to get rid of foreclosure), or
- Had a property foreclosure to the an early Virtual assistant mortgage and you may don’t pay-off the newest Virtual assistant entirely
As the Virtual assistant will get ensure it is a service affiliate to use their limited entitlement left for another mortgage, a lender can get approve an assistance associate for a financial loan large compared to the financing maximum connected to the entitlement given by the brand new Virtual assistant.