The VA Loans offer a tirade of benefits, like zero down payment, limits on closing costs and no private mortgage insurance (PMI). The VA backed loans are part of a benefits program, which has helped millions of army veterans and military persons buy their dream home since World War II.
But, these veteran loans are not the right option for every military personnel. Here are a few boxes that you need to check to know if you are the right candidate for a VA loan.
1. Eligibility: You need to meet certain requirements to be eligible for a VA loan. In most of the cases you are eligible if you meet any of the following conditions:
- A minimum of 90 consecutive days active duty during wartime
- A minimum of 181 consecutive days active duty during peacetime
- A minimum of 6 year service in the National Guard or Reserves
2. You Don’t Have Money for Down Payment: The best benefit of VA loans is that you don’t have to put any money down to buy a home. VA backed mortgages offer 100% financing as compared to conventional or FHA loans where you have to put up at least 5% or 3.5% of the purchase price as down payment respectively. Not to mention the burden of that pesky PMI. You also don’t have to worry about that with VA loans.
3. You’re Buying Your Primary Residence: You can’t use VA loans for buying a vacation home or an investment property where you won’t be living. However, you can buy absolutely any type of apartment or a condo with VA loans if you are planning to live in it.
Want to know more about VA loans or need help in securing one? Call All Western Mortgage on 702-850-2790 or click here.
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