Military service members and their families are eligible for mortgages that do not require a down payment and give the opportunities to buy impressive homes. A VA mortgage is a great choice for a service member who has become eligible according to their service records. The loans are affordable and give them a chance to realize their dream of homeownership.
Proof of Their Service Record
Service members must fulfill a specific amount of active-duty and wartime duty to become eligible for a VA loan. The loan program caters to veterans and service members that need to purchase a home. Once they have achieved the preferred amount of service time, the soldier receives a certificate of eligibility, and they can approach a VA lender to get a mortgage.
Who Is Eligible?
According to the terms of the mortgage, all service members who have at least 24 months of service, 90 days of active duty, or have served at least one wartime deployment are eligible. Surviving spouses of service members who were killed while performing their military duties are eligible for VA loans, too. The borrowers must provide evidence of eligibility when approaching a lender, and spouses will need to bring in a marriage certificate to provide evidence of their marriage to the service member.
Has the Service Member Used a VA Mortgage Previously?
Service members can continue to use a VA mortgage to purchase a home. However, they cannot purchase more than one property at once with a VA mortgage. If they have an existing VA mortgage for their current home, they will have to sell the property before getting a second VA mortgage to buy a new property. Service members can contact a lender to get help getting financing for a home.
Why You Need a Preapproval
It is not a requirement for the borrowers to get a preapproval for the VA mortgage before they start their home search. However, the preapproval shows them how much they can afford, and the agent will know what the buyer’s budget is.
The preapproval shows the highest mortgage amount they can borrow that is affordable according to their income and current debt volume. The borrower is not required to use the full amount to buy a home, and it is recommended that their mortgage should not exceed 50% of the monthly income.
Finding a Home That Qualifies
When taking out a VA loan, the home must qualify for the VA program, and a more extensive inspection is required by lenders. The property doesn’t have to be brand-new, but it should be in great condition. It cannot have any structural damage, electrical issues, plumbing problems, or any issues with the HVAC services.
Military personnel can use a VA loan to buy a home if they receive a certificate of eligibility. The lender will conduct a complete review of the borrower’s income, credit scores, and debt volume. If the buyer qualifies for a VA mortgage, the next step is to find a home that qualifies. Home buyers can learn more about VA loans by contacting a lender now.