There are some other restrictions on VA loans. For instance, if you include anyone other than you and your spouse on the loan or title, your entitlement amount may be impacted, which could impact the maximum loan amount you are eligible for and your loan will also require an additional approval by your local VA office that could delay your closing. Also, you can only purchase a home that will be your primary residence. Additionally, the home you purchase must meet the minimum physical condition requirements. For example, the home should have the following:
- A roof in adequate condition
- Functional heating and cooling
- A clean and continuous water supply
- A structure and foundation free of termites and fungi
- Walls free of lead-based paint, often found in homes built prior to 1978
Another restriction relates to condominium purchases. If you plan to buy a condo, you must make sure it's on a list of condominium developments approved by the VA. If it isn't on the list, your lender can request approval from the VA.