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There are many returning veterans who are curious about how to apply for the benefits that are available to them due to their service in the military. Thanks to their honorable time served in the nation's armed services, these veterans are able to apply for and receive a host of benefits.
That being said, there are some things that buyers need to be careful of. While VA loans are built specifically to serve your needs, there are some things that they can't do. Many things that a buyer needs to be careful about are very basic, but they are things that are frequently overlooked.
A VA loan cannot:Guarantee a perfect building. There are a lot of homes out there that need more than a little love and a lot of paint. Older homes tend to be quite cheap, but they require a lot of care and maintenance to be comfortable for most people. A VA loan can't protect you from buying a house that has defects or damage.
Traditional home loans require a down payment of twenty percent while a VA home loan can offer much lower down payments of around three percent. This difference in down payment means that a qualified veteran can receive a VA home loan for pennies on the dollar of a regular home loan down payment.
If you're not interested in a VA loan though, one of the best alternatives is a FHA loan. Practically every lender offers some version of FHA loans, whether they are a standard home loan or a FHA streamline loan to help them refinance.
The VA can't be involved in any legal actions regarding the loan. The buyer is responsible for keeping informed about their rights and responsibilities regarding new property purchases. If you're worried about something, it's always best to hire a lawyer or seek out an expert in property evaluation.
To determine eligibility, these present or past service members must submit a VA Form 26-1880 along with proof of service (DD Form 214, a statement of active duty, or proof of participation in the National Guard or Reserves) to the VA Eligibility Center, After reviewing the application and the forms, the Department of Veteran Affairs will determine if the candidate is qualified to receive a VA home loan benefit. Those who are found to be qualified to receive a VA home loan will then be able to proceed with the other steps in securing the loan.
Make sure that you have an inspector come and look at the building, and make sure that everything is right before moving forward with the purchase. It's always better to take a little longer and know you're safe than to rush through and wish you hadn't.
That being said, there are some things that buyers need to be careful of. While VA loans are built specifically to serve your needs, there are some things that they can't do. Many things that a buyer needs to be careful about are very basic, but they are things that are frequently overlooked.
A VA loan cannot:Guarantee a perfect building. There are a lot of homes out there that need more than a little love and a lot of paint. Older homes tend to be quite cheap, but they require a lot of care and maintenance to be comfortable for most people. A VA loan can't protect you from buying a house that has defects or damage.
Traditional home loans require a down payment of twenty percent while a VA home loan can offer much lower down payments of around three percent. This difference in down payment means that a qualified veteran can receive a VA home loan for pennies on the dollar of a regular home loan down payment.
If you're not interested in a VA loan though, one of the best alternatives is a FHA loan. Practically every lender offers some version of FHA loans, whether they are a standard home loan or a FHA streamline loan to help them refinance.
The VA can't be involved in any legal actions regarding the loan. The buyer is responsible for keeping informed about their rights and responsibilities regarding new property purchases. If you're worried about something, it's always best to hire a lawyer or seek out an expert in property evaluation.
To determine eligibility, these present or past service members must submit a VA Form 26-1880 along with proof of service (DD Form 214, a statement of active duty, or proof of participation in the National Guard or Reserves) to the VA Eligibility Center, After reviewing the application and the forms, the Department of Veteran Affairs will determine if the candidate is qualified to receive a VA home loan benefit. Those who are found to be qualified to receive a VA home loan will then be able to proceed with the other steps in securing the loan.
Make sure that you have an inspector come and look at the building, and make sure that everything is right before moving forward with the purchase. It's always better to take a little longer and know you're safe than to rush through and wish you hadn't.
About the Author:
Government Loan Pro is a licensed VA and FHA mortgage broker and we can provide a large variety of VA Purchase options for you and your family. We make it easy to find refinancing options for your VA home loans, great rates on purchasing loans, and we'll connect you to the mortgage lender who can answer your questions and help you make the decisions that fit your financial needs.
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