Coco, Early Associates/Salem

What you Need to Know About VA Home Loans

by Marion White 07/07/2019

Do you dream of buying a home? If your answer is yes, then VA home loan can make it a reality. A VA home loan differs from the traditional mortgage home loan. It is essential to know if you are eligible to apply for a VA home loan and how it can help you purchase your own home.

What is VA Home Loan?  

A VA home loan is a loan for which veterans, active-duty service members, and some surviving spouses are eligible. Generally, VA loans feature better terms than a traditional mortgage, and it is easy to qualify. For many military borrowers, the flexibility and no-down payment nature of VA Home loan have made it the most reliable lending plan in the market. You may find it interesting that from 1944 until today, VA home loans have made over 20 million service members homeowners.

VA Home Loan- Eligibility requirements

To be eligible for a VA Home Loan, a person must meet one or more of the following criteria:

- You must have served 90 straight days of active service at the time of war.

- You must have served 181 days of active service. 

- You have accumulated six or more years of service in the Reserves or National Guards.

- Your spouse, who is a service member, becomes disabled or dies during service.

How Does VA Home Loan Work?

The first step to homeownership through VA home loan is to get pre-qualified. You will need to meet up with a VA lender to help you get an estimate of the price of the home you can afford based on your credit, income, and other financial factors.

After getting pre-qualified, the next thing to do is to pre-approve your loan. This will give you the power to take action when you see a home you love. When the preapproval process is complete, you will need to hire a knowledgeable VA agent to help you place an offer and negotiate with the seller.

If you and the seller have agreed concerning the price for the house, your lender will order a VA appraisal of the home. Also, underwriters will analyze your income, finance, and related documents. Next, get ready to sign several kinds of legal documents at your loan closing. After this, you will get the keys to your new home.

Here are some of the most important things to know about a VA home loan;

- It is reusable as long as you pay off the loan every time.

- You can only use it for specific homes.

- You can use it for a primary residence.

- It does not require mortgage insurance.

- It comes with a VA funding fee.

Even if you qualify for a VA home loan, take your time to think if owning a home is right for you. Consider the maintenance, property taxes, and Home upkeep. Renting may seem cheap. Before you go for a VA home loan, consult a home loan specialist.


About the Author
Author

Marion White

As a full-time and results-driven REALTOR, with high expectations for myself, I am committed to helping you buy or sell a home.  I thrive on goals, challenges and results.  My effort, determination and commitment will remain steadfast throughout the process.  I have 21 years of Residential Real Estate experience.  I have been a resident of Plaistow, NH for 43 years with 2 Children and 3 Grand Children, I enjoy the game of Golf as a player and spectator as well as Football and Baseball.  I carry a multi-faced background and professional approach to Real Estate.  My professional affiliations include:

     *New Hampshire Association of Realtors

     *Granite State South Board of Realtors

     *Northern New England Real Estate Network (NH MLS)

     *Massachusetts Property Information Network (MA MLS)

     *Showcase of Homes on Realtor.com

Welcome to your resource for your southern New Hampshire, Rockingham County and Essex County Massachusetts real estate needs! If you are seeking a licensed REALTOR® that provides professional representation and a high caliber of service, I specialize in providing customers/clients with personalized service in finding both a home and a community that meets their needs. Whether you are a first-time Home Buyer, Relocating or Purchasing or Selling, I welcome working with you!  That means finding the exact home you're looking for, or selling your home promptly and for the best price. It means not having to worry, even if you're new to the real estate arena, or if you're moving thousands of miles away.

You need an experienced professional. I will put my knowledge and experience to work to help you make your move pleasant one. Make your choice wisely. The agent you choose will help you make many important decisions. No one will work harder or more professionally.  Effective at communicating, marketing, negotiating and selling real estate for clients,  As a full-time REALTOR®, and long-standing resident of New Hampshire, I am committed to achieving your real estate objectives and goals with the highest professional standards. I take great responsibility in the your most important financial investment with me 

With 17 years of Residential Real Estate experience I believe in keeping my clients well-informed throughout the real estate transaction, in order to allow you to make informed and educated decisions. I make myself available to my clients by phone, e-mail and text, all calls or correspondence are returned promptly.

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Marion J.White,  Licensed REALTOR® New Hampshire & Massachusetts, Coco, Early & Associates 

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