In this article, we will talk about VA home loans – Benefits, Eligibility and How to Get a VA home loan.
Are you a veteran? An active duty military member? Or, a member of the National Guard? If you answer ‘yes’ to any of the questions and are planning to buy your own home, the most important question you must ask yourself is “Which type of home loan should I consider?”
Well, there are many types of home loans, but a VA home loan is absolutely beneficial over other types.
Let’s discuss about VA Home Loans.
1. What is a VA Home Loan?
The VA home loan is, without a doubt, the most powerful home loan program available on the market that has proven tremendously beneficial to millions of Americans who’re mainly veterans, service members and military families.
Backed by the Department of Veterans Affairs (VA) for the individuals that have either served or serving in the U.S. Armed Forces at present. VA home loans Santa Rosa are flexible loans that allow a veteran or any other service member to purchase a home. If truth be told, these loans with no down payment have assisted more than 21 million service members in becoming a homeowner since 1944, the year when these loans were introduced by VA.
It’s important for you to know that there are 3 types of VA home loans, including:
– Purchase Loans,
– Interest Rate Reduction Finance Loans (IRRRL) and
– Cash-Out Refinance Loans.
Well, there are plenty of benefits associated with VA loans, but one of the main benefits is that one does not have to make a down payment for buying a home. And this makes a dream for veterans or active military members turn into a reality.
2. Benefits of VA home loans
What can be the most suitable and flexible loan option available to veterans other than VA home loans Santa Rosa? When compared to other types of home loans, probably two of the biggest benefits are that the borrower doesn’t have to make a down payment, and there’s no private mortgage insurance (PMI) required.
Here are some of the great benefits provided by VA home loans:
– No down payment
– No private mortgage insurance
– Low interest rates
– Government guarantee
– No prepayment penalty
– Available in many varieties
– Funding fee flexibility
– Easier to qualify for VA home loans
3. Who’s Eligible for VA home loans?
Designed for veterans, military families, and military personnel serving in the U.S. Armed Forces, here is a list of all those who are qualified for this great benefit:
– Active-duty Personnel
– Reserve Members
– National Guard Members
– Some Surviving Spouses
Keep in mind that it’s important for you to have suitable credit, enough income, and last but certainly not least, a valid Certificate of Eligibility (COE). And you cannot use the home for anything else other than your own personal ownership.
4. How can you (a veteran or military member) get a VA home loan?
If you’re a veteran, or an active military member, you must follow the steps mentioned below to obtain a VA home loan:
– Ensure you qualify for a VA home loan. Visit the VA website so you can go through a detailed list of eligibility requirements for veterans, military service members, and military spouses.
– Look for a reliable lender that takes an active part in the VA home loan program.
– Obtain a Certificate of Eligibility from the Veterans Affairs so you can prove that you qualify to get a VA home loan.
– Apply for a VA home loan. Your lender will show you the right path leading to the completion of steps needed for your home finance.