Gone are the days of zero down payment loans — or are they? Not if you’re on active duty, have served in the past, or have been a member of the Reserves (with six years of service)! A VA home loan may offer you a great opportunity to purchase a home with no money down. It’s also a great way to avoid monthly mortgage insurance (PMI) payments associated with FHA loans and conventional loans with less than a 20% down payment. Interest rates remain competitive as well!
VA home loans are primarily crafted to assist active duty members and prior service personnel with low downpayment and no money down home purchases. These VA loans and are intended for owner-occupants only. For instance, a VA loan will not work for an investment property or a second home that will not be your primary residence. However, if your circumstances change some years after purchasing a home using your initial entitlement, you may have enough entitlement remaining to use your VA benefits again. We can assist you in obtaining your Certificate of Eligibility, which will clearly state the amount of entitlement you have remaining. In some cases, you may be able to hold two VA home loans at the same time.
J. and I know first-hand the challenges that our military members, retirees, and Guard members face. J. spent 11 years in the Coast Guard and my husband spent 10 years in the Army. We’ve both used our own VA eligibility and appreciate the benefits our veterans can reap from it. Call us today if you want to explore your options!