If you are a veteran and seeking a home loan, it’s important to look at how the US Department of Veteran Affairs can assist you. There are housing assistance programs to help you become a homeowner without spending as much money.
VA Home Loans
Whether it is your first home or not, you’re able to seek loans for veterans. A VA home loan will often get you a lower interest rate. Additionally, you can eliminate the 10% down payment that many mortgage companies require. The VA will serve to back your loan, which means you also don’t need to worry about the expense of PMI.
To get a VA home loan, there are a few requirements that need to be met:
- Must be active duty or veteran
- Obtain a Certificate of Eligibility
- Real estate must be in good condition
- VA option clause must be in the purchase agreement
State Programs
You will find that there are various state programs offered to veterans, too. These might be based on time of service, disabilities, or any service in the United States military, regardless of branch.
It’s important to find out about the different programs to see how they can help with obtaining a loan and even refinancing an existing loan.
Getting a Loan
You can get pre-approved for a veteran-based loan. The first thing to do is work with a real estate agent who is familiar with VA programs. From there, you will need to supply documentation, such as your DD-214.
Once you have been pre-approved, you can start looking at different homes and know how much you have to spend. Knowing what you can spend will make it easier to navigate the real estate market and make an offer quickly once you find a home that you love.
