What You Need to Know About VA Loans

Dated: 11/08/2019

Views: 797

If you have been honorably discharged or are currently serving in the U.S. military, you could be eligible to use your VA loan to buy a home in Vero Beach. However, if you’re like many service members, you aren’t entirely familiar with the VA loan process and what you are entitled to receive through the program.

You can use a VA loan to buy a house in one of Vero Beach’s 55+ communities, a mainland condo in Vero Beach, or a waterfront property—you just have to qualify for this type of loan in order to use it.

VA Loans: What You Need to Know

The Department of Veterans Affairs backs loans through private lenders so it is easier for current and former service members to obtain financing to purchase homes. Because the VA backs these loans, lenders are often able to provide buyers with more favorable terms than they would get otherwise.

Some of the advantages to using a VA home loan include:

Zero down. There is no down payment required as long as the sales price does not exceed the appraised value of the home.

No PMI. With a VA loan, you are not required to obtain private mortgage insurance. This can save you a substantial amount of money over time.

Limited closing costs. The VA’s rules limit the amount of money you can be charged for closing costs.

Early repayment. Your lender cannot charge you a penalty if you choose to pay off the loan early.

Help from the VA. If you run into trouble making your payments, and the may be able to provide you with some assistance to help you avoid foreclosure and other penalties.

You don’t have to be a first-time homebuyer to use your VA loan, and you can reuse the benefit as long as you have paid off any prior VA loans before obtaining a new one. Finally, these types of loans are assumable, provided that the person assuming the loan qualifies for a VA loan of his or her own.

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