Navigating VA Loans

VA Home LoanMaking the decision to buy a home can be exciting, scary, and very stressful, particularly for first-time buyers. Educating yourself prior to making an offer makes the whole process a lot less stressful (but still very exciting and a tad bit scary!).

VA loans are available to service members, veterans, and eligible surviving spouses. Many choose VA loans over conventional loans because VA loans allow you to purchase a home with no down payment, no monthly mortgage insurance premium, limitations on your closing costs, and an appraisal that ensures the value of the property is not less that your offer.

The VA does not actually provide homes loans, those are provided by private lenders, such as banks and credit unions. The VA guarantees a portion of the loan, which in turn enables the lender to offer you more favorable terms, and the interest rate is often less than that of conventional loans. Do your research! Many lenders have home buying programs where you can get cash back at closing and more. Navy Federal Credit Union and USAA have such programs.

Still overwhelmed? The key element in making your home purchasing experience a positive one is your realtor. SargesList has growing list of Military Relocation Local Experts who are familiar with working with military members and the VA loan process. They will work with you from start to finish to make sure everything goes as smoothly as possible.

For additional information on the VA Home Loan process, visit the VA Home Loan web page.

Happy house hunting!

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