How VA Loans Can Make Your Dream Home a Reality If you’re a veteran and you’ve always wanted to own a home, you know how daunting it feels to try to get a home loan. You also know how important it is to call a place your very own, especially after years of military housing and constantly moving around. If you’re ready to explore homeownership as a veteran, the first thing you need to consider is a VA loan. Learn if a VA loan is right for you by discovering what this type of loan is, who it’s for, and what makes it your best chance at getting into your dream home as a veteran. Do you qualify for a VA loan? You’ll soon find out. What A VA Loan Is A VA loan is a special type of home loan reserved just for military veterans and active military individuals and their spouses. It allows veterans to become homeowners more easily, as this type of home loan differs from traditional loans offered to the general public. So long as you meet the basic requirements for a VA loan (explained in further detail below), you should be able to obtain a VA loan. Who A VA Loan Is For VA loans are for any military service member with a certificate of eligibility required to obtain the loan. In order to apply for VA loans, you have to meet certain VA loan requirements. For example, you have to have a credit score of 620 or higher (which is a lower requirement than most traditional home loans) and meet other criteria as well. There are also some types of housing requirements under VA loan rules to consider (such as you cannot use a VA loan to buy an investment property), so it’s wise to speak with a home lender if you are thinking of acquiring a VA loan to help you buy a home. How A VA Loan Can Make Your Dream Home A Reality An unfortunate reality is this: a large number of veterans have some form of disability. Many veterans suffer from mental illness, and there are many who are homeless as well. While there are many resources available to help military veterans and active military families get the medical and mental healthcare they need, homeownership is another hurdle entirely. The ability to obtain a home loan to secure reliable housing is a dream many veterans have, and VA loans help make it happen. Here are just some of the ways VA loans achieve this goal. Eliminating Down Payments If you don’t have the money to put down on a home, obtaining a home loan can seem all but impossible. Most traditional home loans require down payments, but VA loans do not. This means you may still be able to obtain a home loan without having to put any of your own money down on your purchase, regardless of what the home costs and what closing costs are. Reducing Foreclosure Risks Financial hardships can happen at any time, and when you have an expensive mortgage to worry about so you don’t lose your home, it can make homeownership feel more daunting. This is another way that VA loans make owning your dream home a reality: you get foreclosure avoidance assistance to help ensure you keep your home even if you suffer job loss or fall behind on payments. Better Interest Rates Interest rates can make owning a home harder when your budget doesn’t allow for an extensive mortgage. In many ways, VA loans help broaden how much home you can buy by ensuring you get a competitive interest rate that won’t jack up your monthly mortgage. You still want to make sure you buy a home within your means (your VA loan lender can help you determine how much home you qualify for), but you’ll spend less on your interest rates and put more money towards your home’s principal every month with a VA loan. Less Credit Requirements Getting into a home on any budget or credit score is no easy feat, especially for veterans and active military families on a strict income. If you’re letting your credit and income limitations get in the way of owning a home, it’s worth it to explore VA loans. They have less strict credit requirements which means you may be able to qualify for a VA loan where you could not successfully qualify for a more traditional home loan. Homeownership Confidence When you are able to purchase your own home, you feel confident knowing you’re providing your family with a stable and consistent place to call their own. This can boost both your mental and physical health and bring lots of stability to your life as a veteran. With mental health being a heavy concern for many veterans, it’s important to realize how impactful homeownership can be. Knowing If A VA Loan Is Best For You If you wonder if a VA loan is right for you, it’s worth looking into. If you have a credit score of at least 620 and are active military or a military veteran, you may be able to qualify for a home loan under a VA program. With several resources available to help veterans get into quality homes, it’s worth exploring what your options are. Wrapping Up Homeownership doesn’t have to remain a dream. It can become a reality and may be easier to achieve than you think. Explore your options with a VA loan specialist today.
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