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I'm a single National Guard Member. I recently just brought a home in the last 3 months. I'm getting on a last minute deployment, like real short. I'm looking for advice on what to do with my home while gone. I know technically I can't rent it out because I used my VA loan to get it. Does anyone know of any other options. I definitely do not want to sell it. I live in a pretty good neighborhood, but I worry about having the house sit empty for so long. House squatting has been on the rise in MD. I'm not trying to come back to that for sure.
Home
Deployment
VA Loan
Edited >1 y ago
Posted >1 y ago
Responses: 13
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My understanding is that you could rent it out temporarily. The provisions with the VA loan are that you are not using it for the sole purpose of buying an investment property.
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Lt Col (Join to see)
The idea is that you are not supposed to get the loan for the sole purpose of making it a rental property. Since you got the loan with the intent of it being your primary residence you can rent it out as long as you have to vacate it while on orders.
Active duty people who PCS are allowed to rent their houses out if they chose not to sell it. They do it all the time.
Active duty people who PCS are allowed to rent their houses out if they chose not to sell it. They do it all the time.
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Sgt Aaron Kennedy, MS
SGT (Join to see) You can rent it. You PURCHASED it as a "Primary Residence" which is what the VA requires. The situation changed, and you are changing primary residences due to military orders. This is no different that if you were Active and PCS'd to a new location, and decided not to sell.
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SGT (Join to see) In the event of an early return from deployment, be certain that your lease agreement contains language that allows you to terminate the lease with no penalty to you - given a reasonable window to notify your tenant of the required termination. The advice to get a good management company to handle the affair is on the mark, and be sure to check out their references as well. Good luck and stay safe and healthy.
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SP5 (Join to see)
SGT (Join to see) - One other item. Take a comprehensive set of pictures of each room, any fixtures or appliances, and a set of the exterior, including any tools you are leaving there. This is a baseline for any discussion about conditions when you retake possession.
Provide one set to the renter, one to the management company, and keep one for your own records. All deductible expenses against the rental income, of course. Cheers Sgt, and I wish you the best.
Provide one set to the renter, one to the management company, and keep one for your own records. All deductible expenses against the rental income, of course. Cheers Sgt, and I wish you the best.
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Have a friend house sit. Or rent it to a friend off the books. The VA loan provision you are referring to is supposed to keep people from using the VA loan program for investment properties. The home is still technically your primary residence, you're just being deployed and not enjoying it at the time. Be careful though renting while you wont be around, there could be a lot of headaches down that road. Make sure you have some one you trust around to take care of things for you while you're gone.
I'd be weary of renting the house out to some one you don't know while you are gone on deployment, but I don't think the VA loan is going to exclude that option for you, so long as you make it clear to whom ever you are renting it to that you intended to move back in immediately at the end of your deployment.
Crappy timing brother, best of luck to you.
I'd be weary of renting the house out to some one you don't know while you are gone on deployment, but I don't think the VA loan is going to exclude that option for you, so long as you make it clear to whom ever you are renting it to that you intended to move back in immediately at the end of your deployment.
Crappy timing brother, best of luck to you.
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