What is and Who is Eligible for a VA Loan
Compiled by guest “vloggers” Allison Parks and military veteran Kimberly McAleenan of Conscious Real Estate, this is the third installment of a monthly blog series for 2018, providing tips to the military/veteran home buyer. Contact Allison and Kimberly via the Conscious Real Estate website for additional information.
VA Loans offer incredible benefits for military personnel who are looking to purchase a home. To be sure you can use the program, first you’ll want to know who is eligible for a VA Loan, and do you, in fact, qualify. In this video, we asked Conscious Real Estate, a local real estate agency that specializes in VA Loans.
Who is Eligible for a VA Loan?
If you are a:
- Active military
- Retired Military
- Any involvement in the military you have an opportunity to participate in the VA Loan
When you meet with a lender or a real estate agent, they can determine whether or not you should apply for a VA Loan and tell you all the ins and outs of who is eligible for a VA Loan. Of course, as with everything, there are details you won’t want to miss when it comes to this very serious and amazing life move. Definitely get in touch with a qualified person to help you.
The Best Part of the VA Loan is the Zero Percent Down
The best part of the VA Loan is the zero percent down payment, especially for veterans who are just getting out of the service and are looking to start their civilian life. Not having to worry about saving up for a down payment is really nice when you surely have so much on your mind and are transitioning at the same time. VA Loans give you a financial break in that way when you are purchasing a home.
You’ll still have to put down Earnest Money (see our video series for info on that), but you’ll skip out on a huge down payment on top. It’s nice to be able to use that extra money for furniture or other things you may need (Hint: the program can even pay for moving costs, yes, another video in our series.)
Details on Who is Eligible for a VA Loan
In most cases, you are eligible for a VA loan if you have been active duty for 90 days, and if you are a reservist, either 60 days in reserve or 90 days in deployment. Notice the details here… that’s why an expert lender and real estate agent are crucial components to the process.
There are many different types of loan structures, and, just like any loan, and there are different programs depending how long you were in the military and what branch. So, it’s really important to have a conversation with a lender and a real estate agent deeply familiar with VA loans so that you are matched with the right one for you to make sure that you qualify for the VA Loan.
Want to get matched with an agent who “knows their VA Loan stuff”? Contact Conscious Real Estate here. We recommend them because they are experienced, knowledgeable, kind, fun, down-to-earth, have a team of former military, and they donate to nonprofits with every transaction. Learn more here.