The VA home loan is the nation’s way of saying Thank You to veterans and national guards, in the way of giving home loans, at special rates, and at zero down payments. These loans may be taken across the country, in any housing property. The VA Government website provides complete details and assistance to people eligible for these loans.
Getting preapproved for a VA home loan is not a matter of choice, but a necessity, as it is a part of the process, often the first part. You get a pre approval first, then start hunting for your house, and once you have zeroed in on your home, you get the contracts and underwriting done, to close the deal and take possession.
The VA loan is just like a normal home loan or mortgage loan that you take from a bank.
You will need to submit your income documents, credit history, driver’s license, DD-214, statement of service, identification documents, social security number, military history and supporting documents, bank statements etc. Recent salary slips and W-2 forms are also asked for. After this, with around 2 to 3 weeks, you will get your preapproval amount for a VA home loan, in a document. This document comes handy, when you negotiate your deals with the seller.
Though a preapproved for a VA home loan is not a 100% guarantee that the loan would be disbursed when required, it is a necessary first step, and for all practical purpose, works a home loan guarantee.
Yes, national guards are eligible for VA loan from the same department of veteran affairs. They get the same benefit for zero down payment, and no requirement to pay for mortgage insurance.
Still in doubt if you are eligible for VA loans? Check this link https://www.va.gov/housing-assistance/home-loans/eligibility/ or call US Department on Veteran's Affairs at 1-877-827-3702.
Short answer in NO, as you tend to loose the special benefits of VA loan, if you try to buy a second home, without closing the first one. Your loan limit will be mainly consumed by your first VA home loan, which means a staggering down payment for your send, to make up for the deficit. You credit repayment capacity will be stretched, making your financial eligibility stressed. You must be able to comfortably service all your VA loans together, and still have money for more, if you are considering this. Also, the second property must become your residence, if you are considering this option, to avail of the benefits of this loan.
Yes, VA completely understands that an aging property may require some essential repair work, some alteration, to improve on the house. This also increases the durability and the value of the house or property. This is especially true for complete buy out of refinance homes. You will need to employ the services of a recognized VA appraiser, and as per his estimate and valuation, you will get your extra fund to repair and improve your house. This is included in the value of the loan, and is also completed on the closing of the loan. These proceeds are paid directly to the builder or contractor during the repair period on submission of bills.
Yes, you can, subject to conditions. You may own the land, or you may include the plot of land as well, with your loan. You will also need to find a recognized VA lender, who lends such loans. The loan will not be sanctioned if the property you have selected is quite new, as a lot of construction value goes waste, making the loan unviable. For all other situations, this is highly possible
Yes, possible. You will just need to apply after the waiting period, which is typically not less than 2 years for chapter 7, and for chapter 13, it might be sooner, depending on the repayments you have made, and how much is your credit score above 600. In the waiting period, it is a good idea to work on your credit score, and improve on it, by making your repayments. Aim for a credit score above 640.
Short answer is YES, provided you meet the following conditions:
You can buy a multifamily home with a VA loan if:
In most cases, a multifamily home is a single building that houses two, three or four separate dwelling units for different families. A property with two, three or four units may also be called a duplex, triplex or fourplex.
The VA requires you to live in one of the units while renting out the others for rental income. This gives you the opportunity to build home equity and become a real estate investor — this is known as “house hacking.” The extra income may offset some or even all of your monthly mortgage payments and even allow you to pocket extra cash to cover other housing-related expenses.
There are three major advantages to buying a multifamily home with a VA loan when you compare with other loan programs:
To get the best deal, and to save yourself of the all the paperwork hastles, finding a loan provider, scouting for a property and filing your papers, you may choose to take the service of a VA home loan specialist, who will help you out throughout the process, for a charge of his fees. These VA specialist consultants are area specific. You may search for a VA home loan specialist in you area by using the google search box below, just remember to include your city name or state or zip code in your search query. For example, to search for a VA loan specialist in your area, search for VA loan specialist in [your State Name]:
You can also visit Veteran’s lending group, who runs a similar service, at :
Some VA lenders have consistently been recognized for their excellent customer service, competitive interest rates, and favorable loan terms for veterans. Keep in mind that the lending landscape can change over time, so it's essential to conduct your research and compare multiple lenders to find the best fit for your specific circumstances. Here are some top VA loan providers based on their reputation and performance as of 2023:
Veterans United Home Loans: Veterans United is one of the largest VA loan lenders in the United States. They are known for their dedication to serving military members and veterans, offering low or no down payment options, and streamlined loan processes.
Navy Federal Credit Union: As the largest credit union in the U.S. for military members and their families, Navy Federal offers a wide range of financial products, including VA loans. They provide competitive rates and flexible loan terms.
USAA: USAA primarily serves current and former military members and their families. They offer VA loans with no down payment and low-interest rates, along with excellent customer service.
Quicken Loans: Quicken Loans is a well-known online lender that offers VA loans with a streamlined application process and competitive rates. They have a strong reputation for customer satisfaction.
Rocket Mortgage: A subsidiary of Quicken Loans, Rocket Mortgage is an online platform that provides a convenient and user-friendly experience for obtaining VA loans.
PenFed Credit Union: PenFed offers VA loans with competitive interest rates and various loan options. They are known for their commitment to serving military members and veterans.
Wells Fargo: Wells Fargo is one of the largest banks in the U.S. and provides VA loans to eligible borrowers. They offer a wide range of financial products and have a nationwide presence.
Freedom Mortgage: Freedom Mortgage specializes in VA loans and has a strong focus on assisting military members and veterans with their homeownership goals.
When choosing a VA loan provider, consider factors such as interest rates, fees, customer reviews, the ease of the loan process, and their experience with VA loans specifically. It's also wise to consult with multiple lenders to compare their offerings and find the best terms that suit your unique financial situation and needs. As the lending industry evolves, new players may emerge, so always research the latest information to make informed decisions.
For more and detailed information, check the VA home loan guaranty buyer's guide issued by the U.S department of Veteran’s Affairs