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Contributor

We have a VA home loan (which we have refinanced, so I'm not sure whether this still consitutues as being a VA home loan now). We want to sell our home at some point. 

1. Are we able to do a rent to own?

2. Does the person who buys the home have to be a service member?

3. How fast is the turn-a-round to clear amount of remaining amount of VA loan we have available when we want to buy again?

 

Thanks!

1 REPLY

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RNTX,

 

Thank you for reaching out in the Community. I would be happy to assist with your questions. As this is a public forum, I cannot get into specifics of your USAA accounts. However, I will attempt to answer your questions to the best of my ability.

 

1. Are we able to do a rent to own? If it is a VA Loan you have, you must occupy the home as your primary residence. If you wish to rent that home, you would need to refinance or pay off the home prior to renting it.

2. Does the person who buys the home have to be a service member? You can sell your home to anyone you choose. Their method of financing should not be a factor in your decision to sell to them.

3. How fast is the turn-a-round to clear amount of remaining amount of VA loan we have available when we want to buy again? As long as the loan is settled, your VA entitlement should be updated fairly quickly in time to use it again for the purchase of another home.

If you would like to discuss specifics, please contact a mortgage specialist at 210-531-USAA (8722). I appreciate the opportunity to assist you. Thank you and good luck on your decision. -Gus