What You Need to Know About a VA Loan

June 27th, 2014 at 8:37 pm

The road to buying a home looks a little different for each traveler that sets out on the journey. There is no one-size-fits-all solution or a map leading you from start to finish. However, with the right knowledge and the help of the right realtor, you can enter the market equipped with the tools required to make your big purchase with ease. Part of the preparation process is knowing what types of loans and/or programs you may qualify for. One specialty loan on the market is the VA loan.

What is a VA Loan

The VA loan program was created in 1944 in an effort to help service members, veterans and eligible surviving spouses become homeowners. The Department of Veterans Affairs does not lend money for the loans, rather it backs private lenders such as banks and mortgage companies.

Who Qualifies

• Veterans (you’ve served 90 consecutive days during wartime or 181 days during peacetime)
• Active-duty personnel (you’ve served 90 consecutive days during wartime or 181 days during peacetime)
• Reservists/National Guard members (you have more than 6 years of service)
• Eligible surviving spouses (for spouses of service members who’ve passed away in the line of duty or as a result of a service-related disability)

The Difference (more…)

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