When it comes to financing a home purchase, you can’t do much better than the VA loan. This is one of the best loans out there, hands down. It doesn’t require a down payment, features very low interest rates, and is completely backed by the U.S. government.
There’s a reason this loan is so good. It’s because it’s designed for active-duty and retired military members, as well as their spouses (in specific situations.) If you’re an active duty military member or veteran, we’d like to take a minute to say thank you. Here at Glazers Realtors, we’re dedicated to helping you find the right real estate investment for you.
We have particular experience when it comes to using a VA loan, as well. We even have a lender in mind if you need any recommendations!
Without further ado, here’s everything you need to know about using the VA loan to buy a home.
Who’s Eligible to Use the VA Loan?
Typically, an active-duty service member or retired military member may use a VA loan to buy a home or condominium, build a home, purchase and improve a home, or refinance an existing mortgage loan. Depending on the community or real estate project, the property will need to be approved by the VA.
There are specific eligibility requirements for using a VA loan, which can be found in more detail here. VA loans are issued through local banks, but guaranteed and backed by the U.S. government.
Will I Need a Down Payment?
One of the best parts of using a VA loan to buy a home is that you won’t have to put down a hefty, or any, downpayment! With a VA loan, no down payment is necessary. In addition, the interest rates on the loan are very low. There is a funding fee for the VA loan, but it is often included in the home’s overall price.
Plus, if you decide to put down an initial payment, it will decrease your interest rates even further.
Can I Only Use It Once?
You’ll simply have to pay off the loan to earn back your entitlement. Every veteran or active duty service member who meets VA loan eligibility has entitlement. Entitlement differs from member to member, as each service member qualifies for a different loan amount.
The Standard Entitlement is either $36,000 or 25% of the loan amount. This is the amount of money the government guarantees in case you default on the VA loan.
Ready to Find Your DFW Dream Home?
Because Glazers Realtors is ready to help. From our complimentary home-buying resources to our VA loan expertise, we’re here to help you find success in the Dallas real estate market. Please give us a call today to get started!