There are many returning veterans who are curious about how to apply for the benefits that are available to them due to their service in the military. Thanks to their honorable time served in the nation’s armed services, these veterans are able to apply for and receive a host of benefits.
First of all, who can even qualify for a VA loan? That answer isn’t hard to find: veterans, active-duty personnel, reservists, members of the National Guard and some surviving spouses are eligible for a VA loan. In contrast, many more people are eligible for FHA loans, as they require a low down payment. VA loans are usually the better option for a lot of military families because they cater specifically to that group; rates are great compared to other loans, because fewer people qualify.
A VA loan cannot:Guarantee a perfect building. There are a lot of homes out there that need more than a little love and a lot of paint. Older homes tend to be quite cheap, but they require a lot of care and maintenance to be comfortable for most people. A VA loan can’t protect you from buying a house that has defects or damage.
Inspect the building. However, the VA does conduct an appraisal of the property. An appraisal will give you a value for the home, but doesn’t get into the knitty-gritty of whether a structure is up to code or not. We recommend that you get an inspector that you trust to do a full inspection so that you can rest assured that you know everything you can about the home before you buy. This protects you, and protects your investment.
If you’re not interested in a VA loan though, one of the best alternatives is a FHA loan. Practically every lender offers some version of FHA loans, whether they are a standard home loan or a FHA streamline loan to help them refinance.
The first and biggest hurdle in receiving a VA home loan for many veterans is to prove that they are qualified to receive assistance from the VA home loan program under the stipulations and qualifications that have been set. The VA home loan is available to those veterans or active duty members of the armed services, including the National Guard and Reserves, who meet specific standers of service time and/or time spent in combat zones.
Armed with these cautions, you should be able to take care of yourself when looking for a new home and getting a loan. Just remember that it’s always best to be very careful and to cover yourself by having as much of the very best advice you can get. A VA home loan can be one of the best decisions you make when purchasing a home. And when you’ve been in your home for a little while, you can use VA refinancing to get a lower interest rate on your VA loan. When you do that, remember these cautions.
These steps include inspecting the home to receive state inspection certification, appraising the home and property value, requesting the VA home loan from an approved lender, and finally closing on the home. Receiving a VA home loan is a relatively easy process for veterans who qualify under the stated qualifications of the VA home loan program. Once accepted as a qualified applicant, the other steps to receiving and taking advantage of a VA home loan to purchase one’s own home can be more easily and readily accomplished.
Government Loan Pro is a licensed VA and FHA mortgage broker and we can provide a wide variety of VA Purchase options for you and your family. We make it easy to find refinancing options for your VA home loans, great rates on purchasing loans, and we’ll connect you to the mortgage lender who can answer your questions and help you make the decisions that fit your financial needs.
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What You Don’t Know About VA Loans
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