VA Loan Information for Veterans and Active Military
A VA home loan is a valuable resource for veterans and active duty military who would like to purchase a home. These loans have many advantages compared to other mortgage types, including no mortgage insurance requirements and a zero down payment. Whereas other loans may have a high interest rate, a high down payment requirement and possibly mortgage insurance, people who are eligible for VA home loans can save money while purchasing a house that meets a VA home loan's requirements.
Who Is Eligible for a VA Loan?
Anyone who is military, a veteran or a surviving military spouse is eligible for a VA loan, provided they are buying a primary home and not a second property. New military personnel are eligible after serving a certain period of time, usually either after 90 or 181 days. People who would like to find out if they are eligible should contact their local VA offices for more information, or contact a loan officer.
How VA Loans Work
Those who are eligible for a VA loan will need to get pre-qualified, pre-approved, and get a credit check. Additionally, they must provide their standard employment information to prove they have income to pay their mortgage.
While the VA has property requirements for standard VA loans, VA renovation loans are not limited to homes that meet these requirements. Extra money included in the mortgage can be used to bring the home up to the VA's requirements.
These loans can also be used to repair homes that veterans already own, if they need to make necessary repairs to their property. The value of the loan is based on the value of the home after the repairs are made.
If you would like to buy a home and you are a veteran or active military, a real estate professional or reputable lender in your area can help you find out more about VA loans, how they work, and help you determine whether you are eligible for a VA loan.