VA loans have benefitted veterans since the establishment of the G.I. Bill of Rights after World War II. These loans guarantee a mortgage to qualified veterans with little to no down payment. Although they are backed by the U.S. Department of Veteran Affairs, these loans are usually issued by a private lender, credit union, or bank. However, you can get a loan directly through the VA.
You may qualify for this type of loan if you are a veteran, an active-duty member of the military, or a surviving spouse of a lost veteran. The home you are selling or refinancing must be your primary residence, and you have to move within 60 days.
Some benefits of VA loans:
You may be able to pay a down payment as low as $0.
You don’t need a great credit score or a very low amount of debt.
You can get more than one VA loan in your lifetime.
Types of VA Loans
There are many types of loans, and you can choose to get it through the VA or through a private lender while having it backed by the VA.
Purchase Loans. These loans offer great perks, including but not limited to:
Cash-Out Refinance Loans.
- No down payment
- Better interest rates
- No need for private mortgage insurance (PMI)
- And more!
These are great if you want to make an existing non-VA loan into a VA loan. This is also great if you need to take money out of your home equity to pay for other needs, like paying for children’s school.
Native American Direct Loans (NADLs).
These loans benefit Native American veterans and their spouses. According to va.gov
, this program can help one get a loan to buy, build, or improve a home on federal trust land.
Interest Rate Reduction Refinance Loans.
Such loans are for those who have an existing VA-backed loan and want to change the terms or lower their monthly payments.
So much is possible with VA loans! You can buy your first home or condo, you can refinance an existing loan, and you can even reap the benefits of the loan when getting your next house. To know if you qualify, check out va.gov
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