There are a lot of different loan programs out there, but for veterans, current service, Reserve and Guard members and their families, VA home loans are the best option. Whether you're looking for a VA loan or VA refinancing, the many benefits have been set up in order to best fit the needs of current and former service members and their families.
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.
Traditional home loans require a down payment of twenty percent while a VA home loan can offer much lower down payments of around three percent. This difference in down payment means that a qualified veteran can receive a VA home loan for pennies on the dollar of a regular home loan down payment.
Order builders to fix things. The VA can't tell a builder to correct problems or defects with the home. The inspector will bring these things to light, but it is your responsibility to seek expert advice on the condition of the home and on possible repairs before you buy the home. Provide legal counsel.
And that's where another game changer comes into play: what will you choose if you decide to refinance your home? This is yet another way in which VA loans outshine the competition for those that qualify.
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.
In all, for veterans, members of the military still in the service, reserves or the National Guard and their families, the very best option for buying a home is a VA home loan. The second best would be a FHA loan, but mainly for those who don't qualify for the VA loan. When refinancing, many find FHA streamline loans a good option because there is no credit check, but it is again trumped by the amazing benefits that a family can get from a VA loan.
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.
Traditional home loans require a down payment of twenty percent while a VA home loan can offer much lower down payments of around three percent. This difference in down payment means that a qualified veteran can receive a VA home loan for pennies on the dollar of a regular home loan down payment.
Order builders to fix things. The VA can't tell a builder to correct problems or defects with the home. The inspector will bring these things to light, but it is your responsibility to seek expert advice on the condition of the home and on possible repairs before you buy the home. Provide legal counsel.
And that's where another game changer comes into play: what will you choose if you decide to refinance your home? This is yet another way in which VA loans outshine the competition for those that qualify.
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.
In all, for veterans, members of the military still in the service, reserves or the National Guard and their families, the very best option for buying a home is a VA home loan. The second best would be a FHA loan, but mainly for those who don't qualify for the VA loan. When refinancing, many find FHA streamline loans a good option because there is no credit check, but it is again trumped by the amazing benefits that a family can get from a VA loan.
About the Author:
Government Loan Pro is a VA and FHA mortgage broker and we can provide a wide variety of VA loan options for you and your family. We make it easy to find refinancing options for your VA home mortgage 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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