One of the main benefits of the VA home loan is that it requires no down payment, which significantly reduces out-of-pocket expenses. This means you don’t have to spend years trying to save for a down payment while still paying rent. And, that can make a big difference. If home pric...
The VA guarantee acts as an insurance policy, allowing lenders to offer veterans and servicemembers home financing with additional benefits that borrowers may not be able to get through a conventional mortgage.The VA home loan program is similar to other government-backed mortgage options such as t...
A VA loan is a home mortgage that’s backed by the Department of Veterans Affairs. To be eligible for a VA loan, you must be an active-duty service member, a veteran or an eligible surviving spouse. Low or no down payment A VA mortgage loan requires little or no money down at closin...
It's easy to forget that a house in the suburbs is not the only option a first-time homebuyer has with a VA home loan. Learn what other land purchases a VA loan can buy. View All Articles → Tools We've created these handy tools to help guide you through the VA loan process. ...
As long as the property meets all of the VA’s minimum property requirements, the loan can be used for that property. Just like a new house that has property issues, an older home can be considered unfit for someone to buy or live in. The age isn’t always the issue, it’s the ...
Verify your VA loan eligibility. Start here Here are the eight key benefits of a VA home loan. 1. No down payment One of the most well-known benefits of VA loans is the ability to purchase a new home without needing a down payment. Rather than paying 5%, 10%, 20% or more of the...
It's easy to forget that a house in the suburbs is not the only option a first-time homebuyer has with a VA home loan. Learn what other land purchases a VA loan can buy. View All Articles → Tools We've created these handy tools to help guide you through the VA loan process. ...
You can apply online through the benefits portal on the VA website or download VA Form 26-4555 and send it to your nearest regional loan center. Native American Direct Loan Helping Native Americans buy, build, improve or refinance homes on federal trust land is the goal of the Native Americ...
You can't use a VA loan to buy an investment property or a vacation home. Not all properties are eligible. A VA-approved appraiser will evaluate the home you want to buy to estimate the value and make sure it meets minimum property requirements. Some fixer-uppers may not meet the VA's...
Since mobile homes can be moved from location to location, purchasing one doesn’t necessarily entail purchasing the land on which it’s currently placed. Chattel loans are given to purchase the mobile home unit, and not the land. It is therefore considered a personal property loan instead of...