Receiving Permanent Change of Station (PCS) orders is a normal part of life in the military. But it requires you to make major decisions for your family, such as whether you should buy a home using a PCS VA loan. VA loans are issued by private lenders and backed by the U.S. Department of Veterans Affairs. They have unique benefits for military members, like no down payment, no private mortgage insurance (PMI), and often, more competitive interest rates. If you’re getting ready to relocate and are thinking about purchasing a house with a VA loan, it’s important to consider the requirements, timing, process, and common mistakes to avoid.
Yes, you can buy a home with a PCS VA loan before you relocate, as long as you meet the VA loan eligibility requirements. However, there are a few conditions you must meet. Here are some things to know if you’re planning on purchasing a house before a PCS move.
You Must Move In Within 60 Days of Closing
VA loans require borrowers to certify that they intend to occupy the home as their primary residence. This prevents people from using the VA loan benefit to buy rental or investment properties, which isn’t allowed. If you decide to purchase a home before relocating, your PCS orders can satisfy the occupancy requirement. You don’t need to be living in the home right away, but most VA loan lenders require military families to move in within 60 days of closing.
