Phew! It’s been a looong while since I last posted. Life got in the way. Awful of me! I apologize.
So, let’s get back to talking about VA loans. Now that you have a general idea of the nature of the loan, its benefits and who are eligible, let’s see what you can buy with a VA home loan.
- Buy a home – or, more than one! Huge. There is a price point limit. On Guam, the VA home loan limit is up to $625,000 (that’s a MacMansion, if you buy just one). So, if you purchase a home for $200,000, you still have $425,000 to use.
- Buy a house, condo or townhome. On Guam, the condo or townhome must have typhoon insurance coverage for the entire development. If you buy a house, VA will require you to purchase typhoon insurance.
- Buy a 4-unit apartment building – and you must occupy one of the units. Love this! You can be a landlord to the remaining 3 and collect enough rent to pay the mortgage (and more) and you live in the 4th unit for free.
- Build a house. VA home construction loans on Guam? I have not found a bank that will do this, unfortunately. But it is a VA benefit.
- Repair or renovate a home.
- Re-finance an existing home loan to reduce the interest rate.