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.

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. Repair or renovate a home.
  6. Re-finance an existing home loan to reduce the interest rate.

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