If you’ve served in the U.S. military and would like to purchase a home, then you may be interested in using a VA
home loan to finance your purchase. VA home loans are designed for veterans and active duty service members and
comes with numerous benefits.
However, before applying, it’s an excellent idea to learn more about the loan process and perks, so you can get the
most out of it.
How do you qualify for a VA loan?
To qualify for this loan you must be a veteran or an active service member who has served for at least 90 days
consecutively. If you’re a veteran, the time you served has specific requirements which your loan officer will go
over with you.
Fortunately, there are no credit score requirements needed to qualify for a VA loan which opens the door for more
service members to qualify. In addition to this perk, there are also no down payment requirements.
Can you use your VA loan benefits more than once?
After qualifying for a VA home loan, you can use the benefits of the loan as many times as you’d like over your
lifetime. However, the entitlement which is the amount being offered to you is limited, meaning once it’s used up
you’d need to restore entitlement before trying to take out another VA loan.
It’s also essential to note, you can use this loan to purchase a primary residence but not for business investment
purposes. You can only purchase land with the loan if you intend to build a property on the land in which you will
stay in.
Can a VA loan be refinanced?
You can refinance your VA home loan through private lending in which you can receive an interest rate reduction
refinance loan or a VA-backed cash-out refinance.
For the VA- backed cash-out, you’ll need to submit standard refinancing paperwork whereas VA IRRRL loans require less
paperwork, but you’ll have to submit a certificate of eligibility.
Once you’re approved for a VA home loan, you’ll enjoy many benefits but to make sure you get a full understanding of
these perks, consider speaking with your VA regional loan center for more information.