Many Veterans and their families ask this question: Can the Veteran (homebuyer) who knows he/she is about to be deployed, purchase a home using a VA loan with the intention of occupying the property?
Yes and No!
Yes in that the Veteran can actually sign the initial Loan application and then ‘take off’ (be deployed), leaving a specific Power of Attorney for his trusted family member to execute to continue and complete the home purchase.
The Veteran must return home for a brief period within 6 months
The Veteran must return home for a brief period within 6 months (even for Rest & Recuperation) -for more details on this visit http://www.army.mil/article/49091/
The Veteran must purchase in the immediate vicinity of where he/she is stationed, and not their hometown necessarily. This means a Veteran who has been relocated to Camp in South Carolina for example, from California could not purchase an owner occupied-home in California at that time.
Another requirement is the need for an “Alive & Well Letter” immediately prior to the funding of the VA loan; this can be obtained from the Unit he/she is serving in.
Tags: VA certificate of eligbility, VA entitlement, VA guidelines deployment, VA loan when deployed, VA mortgage, VA mortgage deployment, VA Specific power of attorney, VA underwriting, VA zero down, Veteran mortgage deployed