VA Loan loans are one of the best home loan option out on the market today. Here are a few signs that this is a great option for you.
1. You’re eligible
Veterans and active military need to meet certain requirements in order to be eligible for a VA loan. The VA determines who qualifies those applying, but in most cases, potential home buyers are eligible if they meet the following:
- At least 90 consecutive days active duty during wartime
- At least 181 consecutive days active duty during peace time
- At least six years in the National Guard or Reserves
Surviving spouses of military and service members may qualify as well. You don’t need to be certain of your eligibility to start the VA loan process. We will often work to establish your eligibility through the VA as part of our service.
2. You want to put $0 down
The best part of a VA loan is being able to purchase a home without a down payment.
Conventional loans usually require at least 5% down, while FHA loans requires a minimum of 3.5%. On a $250,000 loan, that’s $13,000 and $9,000. It can often takes years to save up that amount to get into a home.
Do I qualify for a VA Loan? Contact a Beam Lending loan officer to find out!
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3. You’re buying a primary residence
This program focuses on getting veterans and military members into homes they’ll live in full time. You can’t use a VA loan to purchase a vacation home or an investment property you won’t live in as your primary residence. You can buy condos and even multi unit properties, as long as you live in one of the units.
4. You’re not seeking a fixer-upper
The VA wants veterans buying homes that are safe and structurally sound. Properties need to meet a set of conditions the VA calls minimum property requirements.
VA buyers can pay to make repairs on a home in order to get to closing and some fixer-upper properties may present a significant challenge for the VA appraisal process.
Beam Lending Corp. NMLS #1104582 Equal Housing Lender
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