If you’ve served in the military or as part of a military family, you’ve heard of a VA Loan. Maybe a friend has used one for their purchase or you’ve seen information about it online, but maybe you don’t know exactly what it entails. Maybe you’ve recently found yourself in a position to buy a home. Home buying is certainly an adventure, but it can be even more tricky to purchase a home while serving in the military.

Even constantly roving military families might want to buy a home one day, and VA Loans make that just a little easier. Whether it’s been a dream to one day own a home, or it’s just the best choice at that time in that location, a VA Loan can help along the way.  

What is a VA Loan?

According to Investopedia, “a VA loan is a mortgage loan available through a program established by the U.S. Department of Veterans Affairs (VA) (previously the Veterans Administration). With VA loans, veterans, service members, and their surviving spouses can purchase homes with little to no down payment and no private mortgage insurance and generally get a competitive interest rate.”

Should I buy a home using a VA loan at my next duty station?

These are just a few reasons why home buying makes sense for military families.

  • Prices and interest rates may make it too enticing to pass up
  • A longer than usual assignment, making a home purchase the best financial choice
  • Often rental markets can be less affordable than buying a home
  • A family may want to homestead in their final location during the last few years of service
  • A duty station might have a competitive rental market for their home after the member’s tour is complete
  • Fulfilling the dream to buy a “forever home” after their time in service is complete

What are the benefits of VA Loan?

VA loans are a way to make homeownership possible without the need for a  large down payment or without spending that nest egg. In the case of a VA Loan, a family can put their savings into the home immediately for repairs, remodeling, or updates. VA Loans do not require mortgage insurance, and offer lower closing cost, not to mention the potential for lower interest rates – which can be a big money saver! VA Loans also require a specific appraisal process to ensure your home meets the mark for a sound purchase. 

Am I eligible for a VA Loan?

There are a few stipulations for eligibility, but the parameters are generous. These requirements make purchasing a home with a VA Loan an option for nearly every service member from every branch. The VA wants our military members to succeed in and out of uniform by providing this home buying opportunity.   

What do you need to know about a VA Loan?

  • No down payment required by the VA
  • Competitive interest rates
  • Closing costs are limited
  • Private Mortgage Insurance (PMI) is not required
  • VA loans are available for the life of the service member and can be used time and again

Have you done your research?

If your family is interested in a VA Loan, there is a lot of information out there. Here is the VA loan application to check your eligibility. You can work with your lender and real estate agent to help you decide the best way to move forward with the home buying process.

Ready to find a home?

HERE is an additional source to determine if going with a VA loan is the right choice for your family. Knowing all of the available options ensures you are able to make the best decisions for your family while on this wild ride that is military life

Looking for a military-friendly real estate agent in your area to buy or sell a home? Click here to fill out our Military Real Estate Questionnaire and we will help find you an agent that is a great fit or send a us a message.