Veteran Affairs Loans Requirements, Benefits, and Assistance
VA loans provide veterans with a practical path to homeownership for those who have served in the United States armed forces. The U.S. Department of Veterans Affairs supports these loan programs to help assist the veterans of this great nation. As a result, these loans offer multiple advantages, including improved interest rates and zero down payments.
Despite these advantages, many veterans struggle to determine how to apply for VA loans, as the process can be complex. For those who want to determine whether or not they qualify for a VA loan, this article from Anew, Sacramento’s top-rated mortgage lenders, can help. In the following sections, this article will discuss the requirements for the program and the first steps veterans can take to get started on the exciting path to homeownership.
Requirements for VA Loans
The first and most important requirement to qualify for a VA loan is military service. The government designed these plans to help military members purchase homes more quickly, so this rule is vital. To apply for a VA loan, applicants need at least 90 days of service during a conflict, 181 days during peacetime, or six years for members of the National Guard or reserves.
The exception to this rule is also important to note. Surviving spouses of military members also qualify for a VA loan. If someone’s loved one died in service, a VA loan might be able to help keep their housing secure. The process also requires a certificate of eligibility, which the experts at Anew Lending can allow them to acquire.
Benefits of VA Loans
VA loans offer several meaningful advantages over other home loans and make homeownership an attainable goal for millions of service members and their families. First, these loans require a significantly reduced down payment and, in some cases, no down payment at all. Saving the money for a down payment is a challenging obstacle for many potential homeowners, which is an impactful saving.
Additionally, the government guarantees VA loans to ensure veterans can avoid paying for mortgage insurance. These premiums can be expensive, so this is a significant saving each month. Finally, the approval process is faster and simpler than traditional home loans, allowing veterans to move towards homeownership even faster.
Get Started
Finding a trustworthy local lender is essential when applying for a VA loan. Anew Lending is proud to support Sacramento veterans on their homeownership path and provide expert guidance to each client.
To learn more about applying for VA loans, call Anew Lending at (916) 226-9991 to speak to a helpful representative about the process and get started today.
