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Get the FAQs on VA Home Loans | Military.com

Get the FAQs on VA Home Loans

Military.com

Why get a VA loan over other types?

Simply put, a VA Home loan allows qualified buyers the opportunity to purchase a home with no down payment. Also, there are no monthly mortgage insurance premiums to pay, limitations on buyer's closing costs, and an appraisal that informs the buyer of the property value. For most loans on new houses, construction is...

What Is a VA Guaranteed Home Loan? | Military.com

A VA-guaranteed loan is a loan made by private lenders (such as banks, savings & loans, or mortgage companies) to eligible veterans. If you want to purchase a home, condominium or manufactured home, the VA can guarantee up to $417,000 of the total loan -- much higher than you can get with most conventional home loans. If you are considering refinancing an existing loan, VA offers you two...

Using Your VA Home Loans to Buy Foreclosed Homes ...

VA loans can be used to purchase foreclosed properties as long as the VA guidelines are met. Foreclosures are controlled by the servicer of the loan and are usually sold in two different ways. In most cases, a foreclosed property will first be offered through auction by the county sheriff to the highest bidder. If the home fails to sell to a third party at auction, then the home may be acquired by the lender and then made available through typical real estate listings like the local MLS.

If a VA-eligible borrower bids on a foreclosed property at a foreclosure sale auction, he or she...

VA Loan Information for Veterans, Active Military ...

VA Loan Limits for High-Cost Counties: Updated for 2017

Military.com

The VA loan limit for 2017 is $424,100. But it could actually be substantially more if you buy a home in a high-cost county. Se...

VA Loan Closing Costs: An Added Benefit

Grant Moon

A distinct advantage of using...

keys to understanding VA loan occupancy rules - Military.com

Most veterans say that some of the more confusing aspects of qualifying for a VA home loan are the occupancy requirements. This usually stems from when a service member gets their PCS orders and has to move. Will they be able to rent the house? Will they be able to get a second VA loan at their new location? Are there penalties or fines for not meeting this requirement?

While it can seem...

VA Loan Limits for High-Cost Counties: Updated for 2017 ...

VA Loan Limits for High-Cost Counties: Updated for 2017

Military.com

The VA loan guaranty program does not impose a maximum amount that an eligible veteran may borrow using a VA loan but limits the maximum guaranty amount to $424,100 for 2017. However, if you live in one of the following counties listed below, follow the data on the chart to determine the VA's maximum guaranty amount for a particular county. These limits apply to all loans closed January 1, 2017 and afterwards.

Notes from the VA:

Lenders may make loans to veterans greater than the maximum...

Are VA Home Inspections and Appraisals the Same ...

Are VA Home Inspections and Appraisals the Same?

Grant Moon

They do sound as if they're similar, a property inspection and a property appraisal. And yes, different individuals do in fact visit and inspect the property, but for two entirely different purposes. Let's look at the purposes of each and how they affect a VA loan.

VA Property Inspections

The first difference between a VA inspection...

VA Home Loan: Do You Have What it Takes? | Military.com

5/8/1975 to 9/7/1980 (Enlisted)

5/8/1975 to 10/16/1981 (Officer)

You must have served at least 181 days of continuous active duty and been discharged under other than dishonorable conditions. If you served less than 181 days, you may be eligible if discharged for a service connected disability.

Service after 9/7/1980 (enlisted) or 10/16/1981 (officer)

If you were separated from service which...

Understanding VA Minimum Property Requirements | Military.com

Many veterans wonder whether the property they are eyeing qualifies for a VA loan. The VA Minimum Property Requirements or MPRs can help. If the home you're thinking of buying meets these guidelines, then it may qualify:

VA MPRs *

1. Access is year-round, independent of your neighbor's property and has enough space between buildings for exterior upkeep.

2. Property is a single and...

Related topics : va home loan requirements / home va loan

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