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Is a VA Home Loan Right for You?

4-minute read
January 22, 2021

If you’re a military service member or married to one, a VA loan could give you homebuying savings (and shortcuts) worth saluting. 

Military service members go above and beyond in service to our country. To show its gratitude, the federal government offers current and veteran service members (and their spouses) the opportunity to receive a VA loan to purchase or refinance a home. Sound like just the thing for you? Read on to see if a VA loan makes sense for your situation.  

What is a VA Loan?

Created via the GI Bill in 1944, a VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs (VA) and issued by a private lender, i.e. a bank, credit union or mortgage lender. The government will repay the lender if the borrower defaults on their payments, which reduces the risk for lenders and allows them to give VA loans their most notable features.

You can also use VA loans for several different purposes, including:

Who is Eligible for a VA Loan?

Wondering how to qualify for a VA Loan? You are likely eligible if you are one of the following:

A few other requirements: You must also meet your lender’s credit and income standards. (Note: the VA does not have a minimum credit score.) The property you want to buy also must meet safety standards and building codes, and be your primary residence.

Benefits of VA Loans vs. Conventional or FHA Loans

VA mortgage loans are popular with eligible borrowers for many reasons. Here are some of the advantages of a VA loan vs. a conventional or FHA loan:

Drawbacks of VA loans

As great as these benefits are, VA loans come with some additional factors to consider:

Get Advice from an Independent Mortgage Broker

Military service members know how important teamwork is. If you’re eligible for a VA loan but unsure if it’s the best option for you, consult with an independent mortgage broker. They’ll help you weigh the benefits and can provide trusted insight on whether it’s in your best interest to go with a VA loan. Whichever way you decide, they’ll then shop your loan around a carefully chosen group of lenders to find the best monthly payment for your financial situation. Even better, as mortgage experts, they’ll guide you through every step of the loan and help get you into your home quicker. 

Ready to get started? Search for a local mortgage broker near you today.