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 North Star Mortgage Network Inc in Jacksonville, FL today.
How Do I Get Approved?
Although you do have 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. You also must by the home in order for you to live in versus as an investment property.
In order to find out the amount of the loan you are eligible for, your length of service and the role in which you served will be considered. 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.
Is It Right For Me?
Purchase loans are a type of VA loan used to purchase a home and usually does not require a downpayment. This is a good option for those who may have had difficulty finding a private to finance purchasing 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
But Wait, There’s More
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
Contact Us Today!
We want to help honor those that have served in anyway possible, so if you are have questions or concerns, reach out to an expert at North Star Mortgage Inc in Jacksonville, FL as soon as possible.