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4 Things Military Service Members Should Know About VA Loans

Regardless of what you may have heard about VA loans, it’s important to understand how they work, what they can do for you, and if you are eligible. Like other mortgage loans, VA loans come with many benefits, many that other loans don’t offer.

4 Things Military Service Members Should Know About VA Loans - Karina Gafford - - Homefront United Realty - San Antonio Real Estate

Let’s look at four things all military service members should know about VA loans and see if a VA loan is the right fit for you.

#1: VA loans aren’t just for veterans.

While the U.S. Department of Veterans Affairs insures VA loans, you don’t need to be a military veteran to be eligible for one. To qualify for a VA loan, you must meet certain income and credit requirements and have a valid Certificate of Eligibility (COE). Other factors, such as length of service and duty status, can also affect your eligibility, but you are likely able to receive a COE if you are:

  • A veteran
  • An active duty service member
  • A National Guard member
  • A Reserve member
  • A surviving spouse

#2: No down payments or mortgage insurance. 

Unlike other mortgage loans, VA loans don’t require putting money down. Typically, you have to save for years before buying a home in order to have the down payment, but VA loans allow you to buy immediately and save money upfront. Additionally, there is no mortgage insurance requirement on VA loans, which saves you money each month.

#3: VA loans are reusable.

VA loans can be used again and again as long as the loan is paid off each time. For example, if you purchase a home with your VA loan and decide you’ve outgrown it and want to upgrade, as long as the loan is paid off, you can reuse your benefit to purchase a new home.

#4: VA loans require VA appraisals.

Some other loans might waive the appraisal depending on certain factors of the purchase; however, VA loans require VA appraisals to evaluate the proposed value of the home. VA appraisals require independent VA-certified appraisers to complete the appraisal, and usually, they take around two weeks to complete, if not longer.

If you’re in the market to purchase a new home and want to learn more about VA loans, please reach out to us! We would love to be a resource for you!