VA loans are specifically for those who serve and have served in the military. The loan typically comes with many advantages and makes home buying easier. Buying a home can be very overwhelming if you don’t know where to start, but you are not alone. Here are a few tips to get you out of the dark!
First thing first, find out if you qualify. You will need to apply for a VA certificate of eligibility. You can apply and find more information on the VA website, by mail, or your lender of choice can help assist in the process.
There are three requirements to start the process:
- VA certificate of eligibility.
- You must meet the credit score requirements set by your lender.
- You must plan to live in the home, you cannot rent it out.
VA loans allow the buyer to purchase a home with little to no down payment. However, you do have to financially be approved for that, if you have a marginal credit score you may be required to make payment. Make sure to ask your choice of lender what their minimum FICO score is for VA home loans.
Living in The Home
If you take out a VA loan for a home, you must plan on residing there. You are prohibited to purchase a home to rent out. Borrows can purchase up to four units, but they cannot rent any of them out.
If you have purchased a home previously, you may use the VA benefit of refinancing your home. Refinancing may benefit those who are looking to lower their mortgage rates or if they would simply like to switch over to a fixed-rate VA loan.
Ducks in A Row
There are many benefits of a VA home loan but there are some restrictions. Before you pull the trigger, it is important to have your ducks in a row. Make sure you are eligible, see if you will be required to make a down payment, and make sure that you have no plans of renting out the home.
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