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When it comes to buying a home, there are many options available to you. One option that is often overlooked is a VA loan. VA loans are specifically designed to help Veterans and active-duty service members achieve the dream of home ownership. If you’re considering using a VA loan to purchase a home, we have provided some of our most asked questions below.
A VA loan is a mortgage loan that is guaranteed by the Department of Veterans Affairs (VA). This means that if you default on the loan, the VA will cover a portion of the lender’s losses. Due to this guarantee, VA loans have more flexible credit standards and require no down payment, making them an attractive option for many home buyers that qualify.
VA loans are available to a variety of service members including Veterans, active-duty personnel, reservists, and members of the National Guard. To be eligible for a VA loan, you must have served at least 90 days of active duty during wartime or 181 days of active duty during peacetime. If you are a spouse of a service member who died in the line of duty or because of a service-related disability, you may also be eligible for a VA loan.
There are many benefits to using a VA loan to purchase a home. Perhaps the most significant benefit is that VA loans require no down payment. This allows you to purchase a home with no cash out of pocket. Additionally, VA loans have more flexible credit standards than traditional loans, making them easier to qualify for. VA loans also offer competitive interest rates and do not require private mortgage insurance (PMI), which can save you hundreds of dollars per month.
There are many benefits, as taken directly from the Veterans Affairs site: no down payment required (unless required by the lender or the purchase price is more than the reasonable value of the property); buyer informed of reasonable value; negotiable interest rate… and more.
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