What is typically required for a VA loan application concerning property occupancy?

For a VA loan application, it is essential that the borrower states their intention to occupy the property as their primary residence. This requirement is rooted in the purpose of VA loans, which are designed to help veterans and active-duty service members achieve homeownership by providing favorable loan terms. In order to qualify for a VA loan, the borrower must confirm that they will be living in the home, as the loan program is intended to support personal homeownership rather than investment properties or rentals.

While property appraisals are commonly required for various types of loans, and down payments are typically a consideration in other lending scenarios, VA loans are distinctive in their focus on occupancy. Additionally, the VA loan program usually allows for 100% financing, thus eliminating the necessity for a down payment in many cases, effectively making these other factors less relevant in distinguishing the primary need for the application.