The VA allows lenders to determine what types of properties they will exclude from financing in addition to the property types designated ineligible by the VA. So you may find that if you’re trying to purchase something like a mobile home, barndominium
, or an income producing property like a farm, that the lender you’re working with may not be able to help you.
This is another reason why it’s important to work with lenders who don’t have overlays (unique lender-specific rules) on VA loans. The VA’s restrictions are more than enough. You want to be able to use your benefit in the way that you see fit. Afterall…you earned it.
Now that you understand what types of properties you can’t buy with a VA loan. You may be asking what are the property requirements for a VA loan. For that be sure to watch my video “what are the VA minimum property requirements” where I’ll be covering the items you need to look for when selecting a home to purchase with a VA loan.