Anyone that’s served in the military is eligible for an exclusive financial benefit — a VA loan. This unique mortgage opportunity is helping military members across the United States purchase homes to help them and their families build roots — reasonably and affordably. In this article, we’ll help you understand the ins and outs of a VA loan so those of you eligible can get access to better rates and lower costs than traditional, conventional mortgages.
These loans are special mortgages available through a program established by the United States Department of Veterans Affairs. Active service members, veterans and eligible surviving spouses that are not remarried are all eligible for this unique opportunity.
The VA sets the qualifying standards, dictates the terms of the mortgages offered and guarantees a portion of the loan, according to Investopedia. VA home loans are provided by private lenders such as banks and mortgage companies.
Before applying for a loan, it’s important to know the basic facts such as qualifying requirements and limits. There is a lot of false information in the marketplace, which is why we’ve gathered the important points to understand when considering this option for your new home purchase.
Sometimes, depending on the community and location of the home, you can work with sellers to get your closing costs covered, allowing you to purchase a home with very little upfront capital.
VA loans have many benefits designed specifically for military members.
If you’re getting ready to purchase a new home and need help with your move, we’re here to help. Get in touch with our team today to find out more about our services!