Members who have served in the military or armed forces can be eligible for a VA loan to help them purchase a home. These candidates can use these loans to help finance the purchase of land or a home. VA loans can be very beneficial even if the case you are not a first time home buyer. If you or a family member is a service member and is thinking about buying a home, reach out to us at Commonwealth Mortgage Corp today!
The Approval Process
In order to get approved for a VA loan, you need to be a current or former service member in order to qualify for a VA loan, the VA is not directly involved in the approval process. You will need to apply and qualify through a VA approved private lender before you can move forward to purchasing a home. In order to be eligible for a VA loan, you must have sufficient credit and income, and a valid Certificate of Eligibility. If you plan to purchase a home with a VA loan, you must buy it for live in purposes not for resale.
When it comes to the amount of the loan you are eligible for, your length or service and the tole you served will be a determining factor. You will also need to have your finances in order to qualify for a VA loan, just as you would to qualify for a conventional loan. That means reviewing credit reports and making sure you make timely payments to your regular bills.
VA Loan Details
VA loans are great for a variety of reasons, but one of those reasons is that they do not require a downpayment. This is a good option for those who may have had difficulty finding a private lender to finance the purchase of a home.
There are also other benefits to going with a VA Loan which are listed below:
- No down payment as long as the sale price isn’t higher than the value of the home you plan to purchase
- No insurance premium requirement
- Closing costs are limited and may be paid by the seller
- You can’t be charged a penalty if you pay the loan off early
- VA may be able to assist you if you find yourself in a position where you are having trouble making payments
VA home loans are not only used for the purchase of a home, although this is a primary purpose for using a VA home loan.
They can also be used in the following ways:
- Build a home
- Purchase/fix up a home
- Make energy efficient improvements
- Purchase a manufactured home
- Refinance an existing VA home loan
Call Us Today!
If you are a veteran or currently enlisted in the services, we want to help you on your journey to a home and help you to secure your VA loan today. We would be more than happy to discuss your options and answer any questions you may have, so feel free to reach out to us at Commonwealth Mortgage Corp.