As an agent, I get asked about VA loans all the time. Today I’m going to talk about what they are, what their benefits are, and how you can apply for one.
First off, it’s important to note that in order to qualify for a VA loan, you will need to be active-duty military or an active-duty veteran. The biggest benefit to VA loans is that there is no down payment required. That’s an awesome benefit considering you’d need around $10,000 to get into a $300,000 home at 3.5% down with a conventional loan, not including closing costs.
If you want to apply for a VA loan, the first thing you should do is find a good lender. You want to find someone you can trust. They’ll be able to make sure you are eligible for a VA loan and can help out if there are any hiccups.
After you find a good lender, find a good real estate agent who is also familiar with VA loans. They will be able to avoid the pitfalls that other people come across when looking for a house. Since a VA loan is federally backed, they have much higher standards for homes they’re willing to approve. If there are any problems, it won’t qualify for the VA loan and the seller would have to either make all the necessary repairs or find another buyer instead.
If you have any questions, don’t hesitate to give us a call or send us an email. We are always happy to answer them.