How Does The VA Loan Work?
The VA Loan is a mortgage backed by the Department of Veterans Affairs. While a conventional mortgage goes directly through the lender, who approves you based on income, credit, and other factors, the VA Loan has added protection for the lender. If you were to default on the loan, the Department of Veterans Affairs would…
What Down Payment Do I Need For A VA Loan?
The VA Loan is backed by the Department of Veterans Affairs and available for military service members, Veterans, Reservists, National Guard members, and spouses under some circumstances. It originated as part of the Post-World War II GI Bill along with tuition for higher education and other benefits. Now, other benefits have moved to the Post-9/11…
What Lenders Accept The VA Loan?
If you are a Veteran or military service member looking to buy a home, chances are that you have considered using a loan backed by the Department of Veterans Affairs. The loans, known as VA Loans, allow you to buy a home without a down payment without the need to pay Private Mortgage Insurance. When…
How Do I Apply For The VA Loan?
You will apply for a loan through your lender completing all of the standard mortgage application paperwork. During this process, make sure to let them know that you intend to use your VA Loan entitlement. They can help you from start to finish in most cases. The main thing that you need to show is…
Can I Use The VA Loan More Than Once?
You can only have one active VA Loan at one time in most cases. In order to use your VA Loan, you must satisfy the eligibility requirements and have a Certificate of Eligibility (COE) issued from the Department of Veterans Affairs. If you have already used your VA Loan, you may be able to get…
Can I Use My VA Loan While On Active Duty?
Yes, you can use your VA Loan while serving on active duty as long as you have meet the minimum service time requirements for eligibility. Many service members use their VA Loan when they get stationed in a place where they want to stay or return to after their military service is over. To use…
Can A Member Of The National Guard Use A VA Loan?
The Army National Guard is a part of the Army that steps in to help with domestic emergency situations. Whether it is crowd control during riots or assisting emergency responders during a natural disaster, the National Guard play a vital role in keeping citizens protected at home. Members of the National Guard can be eligible…
Can A Military Reservist Use The VA Loan?
The Army, Navy, Air Force, and Marine Corps all have Reserve options that allow you to serve in the military while still maintaining your full-time civilian career. While you may still deploy and participate in longer training exercises occasionally, the time commitment is much less in the Reserves than in active duty. The Reserves are…
Can A Military Spouse Use The Va Loan?
VA Loans, backed by the Department of Veterans Affairs and providing a path to homeownership that does not require a large down payment, are open to military service members and Veterans. They began as part of the original post-World War II GI bill but are now governed by the VA as a separate benefit from…
Can A Military Retiree Use The Va Loan?
The VA Loan, backed by the Department of Veterans Affairs, is a great benefit that active duty service members and Veterans can use to help with the purchase of a home. Military retirees are eligible to use the VA Loan and in most cases, satisfy all of the requirements for eligibility. In order to use…