What type of property is typically bought with a VA loan?

A VA loan, or Veterans Affairs loan, is specifically designed to help veterans, active-duty military personnel, and eligible surviving spouses achieve homeownership. These loans are generally utilized for purchasing residential properties, which can include single-family homes, condos, or sometimes multi-family properties, provided the borrower intends to occupy one of the units.

The emphasis on residential properties aligns with the purpose of VA loans, which is to provide accessible financing options that support veterans and their families in securing stable housing. A key feature of VA loans is that they do not require a down payment, making them particularly advantageous for eligible buyers looking to purchase a home.

In contrast, the other options relate to property types that are not typically eligible for VA loans. Commercial properties, raw land intended for future development, and vacation homes do not fall under the guidelines set by the VA for loan qualification, as the focus is on primary residences to enhance veterans' access to homeownership.