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VA Loans

What Happens to My VA Home Loan if I Get Deployed?

Deployment is always a possibility for individuals actively serving in the U.S. military. Because of this many military members have concerns about buying a home, especially when it comes to the financial side of things. After all, what happens to your VA home loan if you get deployed? Here’s what you need to know.

How Deployment Affects Your VA Home Loan

If you have a VA home loan and think you may be deployed soon, the first thing you’ll want to do is communicate this information to your lender. Also, you may want to consider setting up a Power of Attorney for managing your financial affairs. In some cases, VA borrowers are allowed to rent out their home during their deployment, which can make the transition easier.

If you get deployed while having a VA home loan, your loan remains intact. Additionally, from the VA’s perspective, you are still considered to be fulfilling the occupancy requirement because deployment is seen as a temporary duty assignment. You do not lose your loan or face penalties due to deployment. 


I’m Being Deployed. What Do I Do About My Mortgage?

If you’ve just been notified of your deployment and have a VA home loan, here are the steps you should take next:

  • Notify Your Lender: Contact your lender as soon as possible to inform them about your deployment. Lenders often have specific policies and assistance programs for deployed service members.
  • Review Your Options: Ask about options such as Interest Rate Reduction Refinance Loan (IRRRL) to possibly reduce your mortgage payments. Or inquire about deferment or forbearance options if you anticipate financial hardship during deployment.
  • Understand SCRA Benefits: Review the benefits under the Servicemembers Civil Relief Act (SCRA), which may offer you reduced interest rates on your mortgage and other financial protections.
  • Make Arrangements for Your Mortgage Payments: Make sure that your mortgage payments will be managed properly during your deployment. This may mean setting up automatic payments or arranging for someone you trust to handle your finances.
  • Power of Attorney (POA): Consider assigning a Power of Attorney to a trusted family member or friend. This person can manage your mortgage and other financial matters while you are deployed.
  • Keep Important Documents Accessible: Ensure all important documents related to your VA loan and property are in a safe, accessible place for you or your designated POA.
  • Plan for Communication: Plan how you will communicate with your lender or POA while deployed, considering factors like time zone differences and limited access to communication channels.


Have Questions?

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