If you have served (or are currently serving) in the U.S. Armed Forces, you might qualify for a VA loan, which is a major benefit when buying a house and thankfully offers fast cash loan and payday advance like options which gives a lot of benefits later. A VA loan is a mortgage loan tendered through the Veterans’ Administration, which can be financially helpful for veterans who are disabled or currently experiencing a hardship. However, you do not have to be in dire need of assistance to qualify for a VA loan, contrary to popular myth.
What are the advantages of a VA Loan?
The greatest advantage of applying for a VA loan is that you don’t have to put a down payment on your house in most cases. This can relieve a large financial burden for those who are unable to come up with a sizeable down payment, and can help offset the closing costs and other obligations that moving requires. You might also qualify for lower interest rates and a break on your mortgage insurance.
Who qualifies for a VA loan?
The rules have changed a few times over the years, and special circumstances may apply, but the basic guidelines have always been the same. To qualify for a VA loan, you must have served at least six months in the military, or at least six years in the Reserves. VA loans usually require an honorable or general discharge, and you need not have been disabled in order to meet the eligibility requirements. Spouses of those who have died while in service might also be eligible, but usually only if they have nor remarried.
What other qualifications exist?
Unfortunately, VA loans are not given to anyone who has served in the military. You must have a stable employment record (if you are not on disability) as well as a satisfactory credit history. Secondary income such as alimony and child support will be considered, as well as annuity payments from lawsuits or lotteries. It is also important that you aren’t over-obligated at the time of your application, so make sure to order a copy of your credit history.
Is it a one-shot deal?
One of the most prevalent myths about VA loans is that they are a one-shot deal. On the contrary, your eligibility can be “renewed” when you pay off your existing mortgage or when someone else assumes your loan. The Veterans’ Administration also has special rules for disabled veterans, who may have more flexible eligibility as well as the opportunity for more savings off other moving costs.
How do you apply for a VA loan?
This process requires plenty of tedious paperwork, but it isn’t as difficult as you might think. If you’ve already been discharged from the military, you’ll need a copy of your DD214. If you have it in your possession, it’s much easier; if not, you’ll need to order it and delivery can take up to two months. If, however, you are still serving, the personnel office on your military base can issue a statement of service, which can be given to your local VA lender.
A VA loan might be your best opportunity to buy the house of your dreams, so don’t miss the opportunity to take advantage of your benefits. You can get more information from the Department of Veterans’ Affairs Web site or by calling 888-244-6711.
