I think we can all agree that the home buying process is nothing short of confusing. Between applying for a mortgage, working to find the right home, putting in an offer, and then all the paperwork that comes once that offer is accepted, keeping everything straight can be next to impossible. Now on top of all that, factor in applying for a VA home loan. The VA program offers many advantages compared to a standard Conventional mortgage. While the process for obtaining VA financing is unique, it will be a quick and easy experience as long as you work with a Realtor and a lender who understand the program thoroughly.
Qualifying VA Home Loan Factors
- 90 consecutive days of active service during wartime.
- 181 days of service outside of wartime.
- 6 years as an active member of the National Guard or Reserves.
- Married to a service member who died from a service-related disability or in the line of duty.
If you fit within one of the qualifying factors above, you’re ready to take the next step and find a lender (be sure to find one that is familiar with the VA loan process). Once that step is checked off your list, you’ll be able to receive a Certificate of Eligibility that will allow you to apply for the actual VA loan. After you’ve found the home of your dreams and signed a purchasing agreement, you will work with your lender on the actual VA loan application process.
VA Loan Advantages
- No required down payment while still offering a fixed interest rate.
- VA interest rate is usually half a point lower than a Conventional loan.
- Buyer’s closing costs are limited.
- Ability to pay off your loan early without penalties.
- VA has an easy and low-cost refinance program if interest rates go down.
- Helps homeowners find alternatives to foreclosure.
Although very advantageous, applying for a VA loan can be confusing at times. It’s important that you not only educate yourself but that you also choose a realtor who understands the ins and outs of veteran home buying and can help you make the best purchase while also save money doing it. The expert team of Jessica & Sarah prides themselves on helping military and veteran families find their dream homes. If you still have questions, be sure to contact us and we’ll gladly help guide you through the process. We’re with you every step of the way.