Do You Qualify for a Federal VA Loan? How to Find Out
The VA loan program has made it possible for hundreds of thousands of veterans to obtain home ownership. This specific program differs from conventional or first time homeowner programs in many ways, including down payment requirements, credit requirements, and cost loan requirements. The government program is just one of the perks that a veteran can utilize for serving in the U.S. government. If you are a U.S. veteran, you can find more information about this program at the following places.
Your loan advisor
Do you have a loan advisor that you use for other financial aspects of your life? Just in the year of 2016, 707,107 home loans were guaranteed by the VA nationwide. With such high utilization rates, many lenders offer the VA loan option. There is a good chance that a lender you have worker with previously has access to the VA loan. Simply request their lender VA loan requirements and ensure that you meet eligibility. If your current lender does not provide VA loans or you decide not to work with them, find an alternative lender that has a strong VA loan program.
Your local VA branch location
Veterans are offered additional benefits, including health care, psychological services, and educational credits. You can easily obtain additional information about the VA loan program and the specific VA loan requirements through your local VA branch location. All you have to do is request the specific mortgage department and they will point you in the right direction. Your VA location may provide actual VA loan counseling to you, or they may recommend a preferred VA loan lender in your area. If they have an in house VA program, you may be able to get pre approved for a VA loan program right there.
Your real estate professional
While real estate professionals do not give out pre approvals, they can provide you with information and point you in the right direction of an approved VA loan lender. Your real estate professional will be an important asset during the buying process, so finding one early on that you trust is very valuable. They can usually provide you with information regarding the VA loan requirements and can start you on the home buying process. Many agents may wait for the pre approval to begin showing you houses, but will begin searching for houses that meet your buying needs.
VA loan versus FHA loan
In 2015, a total of 134,808 home loans went to veterans who were first time homebuyers. If you are currently in the market for a new home, you have probably heard a lot of advantages of the FHA, or first time homeowner?s loan. Which loan is more beneficial for your buying situation? In most cases, the VA loan will have better terms. The benefits of VA loan closing costs tend to be even better than the FHA loan. The approval terms are also usually looser, making it easier to get approved. Finally, the government will usually waive any closing costs in the VA loan program. The benefits of VA loan vs conventional, additionally, are far superior in terms of closing costs and mortgage fees.
What is required for a VA loan?
Regardless of where you choose to gather information about the VA loan, you will have to submit a loan application. The VA loan requirements are fairly simple. To qualify for a VA loan, one must have served 181 days during peacetime, 90 days during war time, or six years in the Reserves or National Guard. The spouse of a service member who was killed in the line of duty may also qualify. Discuss your individual situation with your loan provider of choice.
The VA loan is a loan that is specifically designed for veterans of the U.S. military. The program loosens the loan requirements, making it easier to obtain home ownership. You can gather more information about this program from your local lender, your preferred real estate professional, or through a local VA branch location. The terms of the VA loan are generally ideal over any other type of mortgaging loan.