Clariification for VA loan home Purchase

[Joshua Buchanan]

Hello everyone!

I am in the process of preparing for a PCS from Okinawa, Japan back to Colorado Springs, Colorado. Because of this, I figured that I could start the process of purchasing a multi-family home so I can live in one and rent the remaining units. However, I am uncertain what the guidance for purchasing a home with a VA loan knowing that I may not be able to meet the live-in clause immediately. I have looked around and the answer seems to vary. One article I read said a timeline of about 60-90 days to move into the premises. Another stated that I could potentially purchase a home 120 days out so long as I have the intention of moving into the home. Does this vary on the lender that you work with and what their their level of willingness to accommodate the home buyer or is there something in writing somewhere that outlines this information. Any assistance you all could help me with would be phenomenal!

- Josh

[Seth Wilcock]

@Joshua Buchanan - First and foremost, thank you for your service!  

The VA home loan is designed to be a primary residence mortgage. As long as you are living in one of the units, you can rent out the other 3. I just did a quad for a veteran not too long ago so I'm aware of the ins and outs. The definition of a primary residence, as specified on bullet point 6 of the Colorado standard deed of trust, states that you have the intent to occupy the home within 60 days of closing, and for at least 12 months past the date of occupancy.  See the excerpt below from the Colorado standard deed of trust.

With your close date most likely being about 30 days from the date you're under contract, you would need to occupy the home within 60 days after closing.  This would give you a 90 day timeline between finding a home to actually living in one of the units.