Do You Qualify for a VA Home Loan? When looking for a home loan, there are more options available to families than ever before. But what about a VA home loan? It doesn’t matter if you’re applying for a VA loan, VA refinancing or a VA streamline loan, these loans are designed to take the best care of veterans, active-duty service people and their families. But since loans frequently have difficult and somewhat obscure rules for who can qualify, some people feel intimidated by the process. Don’t be. Here’s some information that will help. VA loans are specialty loans reserved for veterans, current service members, surviving spouses and members of the Reserve or National Guard. There are stipulations on these, but in general, service members, veterans and members of the Reserve or Guard are eligible if they’ve been on active duty between 90 days and 24 months (please check with the Department of Veterans Affairs for more information). Surviving spouses of service members can generally qualify if they haven’t remarried, or if they fall into a certain age bracket.
Applying for VA loans and other Benefits Applying for a VA loan is fairly simple. The whole process starts with talking to a lender about your options, and learning more about the program. After that, you can fill out the appropriate forms to send to the Department of Veterans Affairs. Once your qualifications have been ascertained, you’re well on your way to qualifying for a new loan. The benefits you get from a VA loan are far and away better than anything else you can find. These loans are applicable on buying homes or condominiums in a VAapproved projects or building a home. Not only that, but if you are simultaneously purchasing and improving a home, or improving it by installing energy-related features or making energy-efficient improvements, the loans are for you. Finally, the loans are also available to people who are buying a manufactured home and/or lot. On these loans, you will be able to get a loan with as little as no cash down with no monthly private mortgage insurance (PMI). That alone has the potential to save a family hundreds each month and thousands over the life of the loan. Qualifying standards are more relaxed, while the fees and other costs are much more flexible than other loans.
Other Programs When you combine all of these benefits, no other type of loan can make it as affordable to get into a home. If you are a veteran, current service member, member of the Reserve or Guard, or a surviving spouse, take some time to consider a VA loan as you are house hunting. The whole point is to make it easier for veterans, service members and their families to be able to buy a home and keep it affordable.
Although there a lot of loans and a lot of programs out there, VA home loans are far and away the best choice. VA loans, VA refinancing and VA streamline loans are all options you can choose from, whether youâ€™re looking to buy or refinance a home. And best of all, theyâ€™re just for you. Photo Credit: meerlap