As a home buyer, one should be aware of the various types of home loans available, and the advantages and benefits each have to offer! If you’re a veteran, who has served in the military, the Veterans Affairs Home Loan, aka the VA Home loan, is an exclusive loan option available to you or a surviving spouse! This customized mortgage option comes with many merits that should make purchasing a home a cinch for veterans. A refreshing change from other challenges service men and women and their surviving family have to face. Let’s delve deeper into what is a VA home loan and how it can be obtained.
Your Complete Guide to the VA Home Loan
What is a VA Mortgage Loan
A VA loan or the Veterans Affairs Home Loan is approved by Department of Veterans Affairs. These loans are specifically designed for those who are serving in, or who have served in, (including surviving spouses) the US military. The primary purpose is to offer benefits to veterans that make it easier for them to buy a home.
Veterans can enjoy various benefits such as no down payment, no mortgage insurance, flexible interest rates, prepayment of mortgage loan without penalty, concession on closing costs, and no required private insurance policy, etc.
Who is Eligible For a VA Mortgage loan?
Service personnel should be able to provide proof of any of the following:
- Active-duty military members, with a minimum service period of 90 days.
- Veterans, who have not been dishonorably discharged.
- National Guard/Reserves members
- Spouses of veterans, subject to certain conditions on remarriage.
How Can Veterans & Military Personnel Get VA Loans?
- VA loans are administered by mortgage brokers in much the same way that any other loan is.
- Obtain a ‘Certificate of Eligibility’ from the local VA office.
- Locate an approved VA loan lender, who will then walk you through the process.
How To Find a VA Home Loan Lender?
You can access the complete list of approved VA home loan lenders on the VA Website. Drew Mortgage Associates, based in central Massachusetts are an expert mortgage lender and experienced VA loan facilitators.