The VA Loan is a valuable tool that military members and veterans may use to pursue home ownership.
As a benefit of your service, the Department of Veterans Affairs offers unique resources to help those with military experience purchase a home with a low or zero down payment. VA Loans offer flexible options as either Fixed Rate or Adjustable Rate mortgages.
VA loans are available and provide the buyer the chance to finance 100% of the purchase price of the home. This means no down payment is required. It is important to note that buyers will still need to qualify for the loan. This means that lenders will look at their credit and ability to pay the mortgage. If you are in a troubling financial position, a lender may want to see you pay down debt or save up money before they are willing to give you the loan.
You may also be responsible for closing costs, such as recording the title or paying lawyers to draw up all paperwork. This is negotiable with the seller and something to discuss with your realtor before making an offer on a home.
A VA loan works the same as most other home purchases, with a buyer making a written offer to purchase a home under specific conditions (price, closing cost assistance, other contingencies), and then going through an approval process with a lender. The key difference with a VA loan is that the Department of Veterans Affairs requires that all homes purchased through this program meet certain habitability requirements. They will send out a home inspector and appraiser to make sure that the home is in good working order and is worth what you are paying.
This step may sometimes cause delays, especially if repairs are needed after the inspector looks around. Issues at the home do not necessarily mean that the buyer cannot use the VA loan, just that repairs will need to be done before the home purchase can be completed. The VA recently started offering a VA loan to be used for homes that need renovation on a limited basis.
Brian was great to work with. He responded quickly and answered all our questions to help us understand and feel comfortable with the process.
The guys at Brothers have done multiple purchases and Refis for me and they always come through! I highly recommend their services.
What a guy!!! Fast, effective and just all around great person. Highly recommend Brian!! Thanks again sir, very much appreciated!!!
Brian and Tina were so helpful and very knowledgeable in buying our home! Anytime we hit a bump in the road, always positive attitude. Highly recommend working with these guys.
Brian was so helpful! He was always quick to get pre-approval letters back. He made the process simple and easy!
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