What is a VA Loan?
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A VA Loan is a mortgage loan that is guaranteed by the United States Department of Veteran Affairs. It allows eligible veterans to purchase a home using 100% financing with no down payment (depending on the area and the county loan limits).
What makes you eligible for a VA Loan?
Eligibility for the VA loan is defined as Veterans who served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum of 181 continuous days during peacetime. There is a two-year requirement if the veteran enlisted and began service after September 7, 1980 or was an officer and began service after October 16, 1981. There is a six-year requirement for National guards and reservists with certain criteria and there are specific rules concerning the eligibility of surviving spouses.
Can I purchase any home using a VA Loan?
Unfortunately not, the VA requires that condos be on their VA approved list in order to use VA financing. Most single family homes would be eligible as long as they are in living condition (certain restrictions apply)
Closing Costs using a VA loan
Keep in mind that there are certain fees that you can’t pay as a buyer when purchasing using a VA loan. These are costs that the Seller would be required to pay either by a credit to you or directly from the proceeds of the sale. It’s im
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