There are various home loan options available for eager buyers looking for the perfect home. But if you’re a spouse in a military family, a VA loan may be a great option. VA loans offer a variety of advantages, but many military families aren’t aware of all of what these loans have to offer.
With that said, if you’re a spouse in a military family and ready to purchase a home, read on to learn everything you need to know about VA loans to help you make the best decision.
A VA loan is one type of mortgage option issued by a private mortgage lender and partially guaranteed by the Department of Veteran Affairs. These loans are designed for service members, veterans, and surviving spouses. A VA loan is a common path for military families as it offers a great alternative to other home loan options and offers a lot of unique benefits when obtaining a home mortgage.
Each private lender will have its own requirements in regards to qualifying. But there are general requirements that you will need to meet to qualify. You and your spouse will need to meet at least one of the following:
It’s important to keep in mind that VA loans work slightly differently from conventional loans. The VA does not originate loans but they back a certain amount of the loan against default. This is what allows lenders to offer $0 down financing and flexible rates and terms, which gives VA loans a great advantage over other loans.
With that said, the process of obtaining a VA loan is similar to the conventional process. The process includes:
Choosing a VA loan offers great advantages for military families. Let’s take a look at a few benefits to consider.
Most loan programs require some sort of down payment, which can be difficult if you don’t have a lot of cash in reserves. But a VA loan allows you to put $0 down on your home purchase. This is an excellent advantage, especially if you want to spend money on other areas of the home, such as furniture.
Another benefit of VA loans is that you won’t have any mortgage insurance. Typically, homebuyers who don’t put at least 20% down on their home will have mortgage insurance. But even with $0 down, you can avoid this additional cost.
If you’re looking for a flexible home loan option, a VA loan is a great option. Homebuyers can choose a fixed or adjustable rate for their convenience. In addition to this, VA loans can be used for a variety of properties, such as condos, new construction, duplexes, and more.
Are you in a military family and want to purchase a home? Your dream home is just a few steps away. Reach out to First Savings Mortgage Corporation Loan Officers to discuss your options and determine which loan option will be right for your needs.
