Everything you need to know
Veterans have served our country in the most honorable way possible. Although it’s hard to thank them enough, there are some benefits provided to help show them that their service did not go unnoticed. One of those perks is VA Home Loans. However, like any loan, it’s essential to understand how it works.
What are VA Home Loans?
The goal of VA Home Loans is to get veterans, service members, or military spouses into a home. VA Home Loans are provided by private lenders, but with a portion of the loan guaranteed by the VA, which allows for special rates. The process to secure a VA Loan is different than your average home loan, so it helps to work with a lender that is experienced.
Who is Eligible for VA Home Loans?
Typically, the following people are eligible for a VA Home Loan:
- Veterans who served a specific amount of time
- Active service members who meet the minimum time requirements
- Some spouses of deceased service members
- Certain members of the National Guard or Reservists
An experienced lender or the VA will be able to tell you if you are eligible.
Should You Use an Experienced Lender for VA Home Loans?
It’s highly beneficial to use a bank or mortgage lender who has experience in VA Home Loans. The process will be smoother, and they’ll understand the ins and outs of the VA loan process. They can tell you what you’ll need, the timeline, and other crucial information. You can also refinance with a VA Home Loan.
VA Home Loan Benefits
Here are some common benefits of a VA Home Loan:
- There is usually no down payment required
- There is typically no private mortgage insurance
- You can do a cash-out refinance to pay off debt or make home improvements
- You can do an interest rate reduction refinance loan
- The VA limits the amount of closing costs
- The VA assists those having trouble with their mortgage, when possible
Other VA Home Programs
There are other housing programs for veterans. For service members who have been injured, there is a Special Adapted Housing Assistive Technology Grant. This grant allows service members to adapt housing to make it accessible and support their ability to live independently.
The Native American Direct Loan lets Native American Veterans and their spouses use a VA Home Loan to buy, build, or improve a home on Federal Trust Land.
VA Home Loans are one of the ways the nation works to provide for those who have served our country. Don’t hesitate to look into whether you may be eligible for a VA Home Loan. Thank you for your service!
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