VA loans have very flexible guidelines, but one thing they are not forgiving about is the owner occupancy rule. The VA guarantees the loans in order to give veterans access to a flexible loan program. With 100% financing and lenient credit score and debt ratio requirements, veterans have easy access to the funds they need to buy a home. But what happens in the future if a veteran wants to move? … [Read more...]
What’s the True Meaning of Owner-Occupied?
You hear the term owner-occupied all of the time in the mortgage industry. Just what does it mean? How do lenders determine if your home qualifies? What is the difference in terms of loan approval? We cover this and more in the article below. The Definition of Owner-Occupied First, let’s look at the definition of owner-occupied. It means the home you will live in full-time. It doesn’t have to be … [Read more...]
