In a discussion of the USDA loan vs VA loan, the VA loan comes out on top if you are talking about money saved and flexibility. Nevertheless, it’s good to know your options, and there may be some cases where the USDA will work better for you. The two programs are from different departments of the federal government and have similar benefits, but the VA is tailored to help veterans and active duty military members in very specific ways. Both the benefits, and the requirements, can help you afford a new home.
Tag: VA Loan
VA Loan | In Depth Guide for Veterans, Active Duty and Reserves
This is everything we know about the VA loan, which is a process, a system, a benefit and a way to get a mortgage if you are a veteran or an active duty service member in a branch of the armed forces. The one thing that the VA loan is not , is a loan. That’s one of its confusing elements, and there are others. The reason veterans and active duty members are drawn to the VA loan is because it provides a list of benefits that, when you line them up, is almost unbelievable. No other program from the federal government comes close to the VA loan guarantee in terms of benefits, costs savings and scope. It’s easy to think it’s just a way to get a cheaper mortgage, but it’s a lot more than that, and here’s what you need to know.
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Using VA Loan for Investment Property
If you are interested in using a VA loan for investment property, you’ve come to the right place. Most aspects of the VA loan process are pretty straightforward and clear. This topic, however, is a very twisty path full of exceptions, timing, loopholes, strict rules and flexible policy. There aren’t any easy answers, but if you want to use your VA loan benefit for an investment property (or properties), it is possible. Just promise to hang on for the ride.
Using a VA Loan for Second Home | Save with Homes for Heroes
If you want to use a VA loan for second home, there are a few factors you will need to consider. To be honest, there are more than a few factors. On the plus side, it is possible to get a second home with a VA loan guarantee. On the minus side, it’s not as straightforward as you might hope. That’s because the VA loan program is designed primarily for one thing: to help active military service members and veterans afford a home. And it’s very, very good at that – one of the best government programs for housing. If you want it to do two things, such as purchasing multiple houses, it is less clear. That’s Ok if you don’t mind doing a little homework (pun intended).
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VA Loan Statement of Service Letter | Supplemental Requirement for Active-Duty, Reserves, National Guard
Your VA loan statement of service letter is vital to starting the VA loan process if you are an active service member, a reservist or a member of the National Guard. It is literally one of the first documents you need to put together, and it’s not always easy. It can take some work on your part and the availability of your commanding officer to get this thing done. Fortunately, there are some shortcuts.
Conventional vs VA Loan | Pros and Cons
In the battle of the conventional vs VA loan, the VA loan guarantee is a contender. It’s not always the best choice because it has requirements that might hem you in, but in terms of saving you money up front and over the long term, it’s hard to beat it. If you think the VA will be giving you the loan and private lenders won’t be involved, that’s not the case. The VA loan program isn’t an “either/or” decision. It’s more of a “both/and” process.
FHA vs VA Loan | Pros and Cons Plus Savings Opportunity
If you’re looking at an FHA vs VA loan and it is something you’re investigating, one of these two things must be true. Either you are, or were, in the military and may be eligible for the VA loan. Otherwise, the VA loan isn’t an option for you. So let’s proceed assuming you are eligible for a VA loan based on your military service, and you are wondering if you should also be looking at the FHA loan.
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VA Loan Down Payment Requirements | Do You Need to Pay One?
The simple answer to “are there VA loan down payment requirements?” is no. But as is often the case in life, the simple answer isn’t always the right one…or the best one. Sometimes you might want to pay the down payment, and sometimes you must make a down payment, when going through the VA loan guarantee program. There are also a couple of reasons where you could make a down payment on your VA mortgage that don’t make any sense. Let’s sort these options out.
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VA Loan Pre Approval Process | A Strategy That Works
Navigating the VA loan pre approval process can be a significant step towards homeownership for veterans and active military members. This process not only demonstrates your readiness to purchase a home, but a VA loan pre approval shows potential sellers the legitimacy of your offer in a competitive market.
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Are VA Loans Assumable? | A Hidden Benefit to Your VA Loan
In a world where most mortgages are not assumable, you might wonder are VA loans assumable? The short answer is yes, they are. That puts you, as the seller with a VA loan, in a unique position. Giving the buyer the ability to assume your mortgage and buy your house in a climate of rising interest rates is a significant benefit. However, assuming a mortgage can get a little complicated, especially because you want to be able to protect your VA loan benefit.