Home Buying Tips for Veterans
Jimmywillingham.com is proud to bring you home buying tips for veterans. Homebuying can be a very different process for veterans. Some might prefer to take the traditional route, others might be interested to know that the VA has setup programs to help former service members purchase a home. Not everyone qualifies, and there are some pitfalls. But it is a viable way to make life a little bit easier for those who have served our country.
VA-Direct Home Loan
Some individuals may qualify to receive a VA-direct home loan, which is a loan that comes directly from the administration. The VA’s usual requirements of military service do apply, and you do have to have a decent credit score. But if you’re able to obtain the loan, they will work with you to help maintain stable housing.
There are a number of other benefits to receiving a direct home loan. The VA offers interest rate reduction refinance loans, which will allow you to reduce your monthly payments or make them more stable. They also allow you to borrow on your home’s equity, so you can pay off tuition or debt.
VA-Backed Home Loan
Those who do not qualify for a direct home loan may be able to obtain a VA-backed home loan. The administration will work with certain lenders by backing your down payment. What this means is that lenders will know the VA also has a stake in the loan itself. They’ll have greater reassurance, which means they’re more likely to give you better terms. The administrations compensation can be substantial. Many recipients receive these loans without having to make a down payment at all.
Proceed With Caution
A quick Google search for “va home loans” turns up dozens of fake websites and advertisements. The real government website may not even show up on the first page. This is a huge problem with VA home loans, and in fact, many of the results will say just that. People know that many veterans are vulnerable, and they’re setting up schemes left and right to take advantage of that. If you’d like to learn about these programs and find out if you qualify, stick with va.gov, and research your lender thoroughly. For more articles like Home Buying Tips for Veterans and other real estate advice, check out the entire library available at jimmywillingham.com.
