How long do you have to live in a home before you can sell it bought with a VA loan?
My husband and I recently purchased our first home using his VA loan in July of '09, and do to a recent diagnosis with our son, we are considering moving to be closer to family and schools that will be able to accommodate his special needs. Do we have to be living in this house for a particular amount of. show more My husband and I recently purchased our first home using his VA loan in July of '09, and do to a recent diagnosis with our son, we are considering moving to be closer to family and schools that will be able to accommodate his special needs.
Best Answer: Normally there is a two year residency requirement. The VA, however, understand emergencies, transfers and other things that might cause a veteran to have to move. Certainly you appear to have one.
If you sell the house you are living in your husband eligibility will immediately be restored. Now we all know the government so when I say immediately, take that with a grain of salt and wait a few
months. If you push it it can happen sooner you just have to come up with the paperwork.
The next thing is if someone assume your husbands mortgage, he would not be required to make any monthly payments but his eligibility would be held up until the person that assumed his VA benefits paid the mortgage off or your husband ask for reinstatement. This is common, so not to really worry. A well versed VA real estate agent or mortgage broker/banker would be able to explain this to you without a problem.
You might have a problem selling the property if you purchased the property in July of this year. There is a possibility that your property depreciated in value.
This means that your mortgage loan balance is lower than the property would appraise for at this time. You might want to verify this through a local real estate agent that has access to local compts of the are in which you house is located.
I hope this has been of some benefit to you, good luck,especially to your son.Source: answers.yahoo.com