Everybody needs a property they can call home. Whether it’s a spacious manor or a small apartment, it doesn’t matter as long as they can live in peace and harmony with their loved ones. As such, many are offering property loans to make this happen.
The U.S. Department of Veterans Affairs, Military.com and Directmortgageloans.com all agree that as a veteran or an active member of the army, air force, navy, marines or coast guard, you deserve something valuable for serving your country. This includes being eligible for armed forces or VA loans.
The Benefits of VA Loans
The usual home buying process involves a homebuyer paying at least 5% for conventional loans or 3.5% for FHA financing. For example, getting a $100,000 loan means you’ll need about $5,000 down payment. Fortunately, no down payment is necessary for VA loans.
Whether you’re a first-time homebuyer or not, there’s no need to worry about preparing a big amount. As this is government-backed, you’ll have higher opportunities to qualify for competitive housing rates. You need to be careful when making decisions about the property you’re planning to buy, though.
Buying Your Home Sweet Home
- Know What You Can Afford – VA loans give you an advantage, but that doesn’t change the fact that you need to pay the exact amount. Don’t forget to think of the future — your and your spouse’s income, a transition in your status, retirement, and responsibilities at home.
- Know Your Tax Credits and Exemptions – By using VA loans, you can reduce the amount of property taxes you need to pay each year. For instance, disabled veterans are eligible for a Disabled Veterans Property Tax Exemption.
- Know Your Rights to Upgrade – Properties bought with a VA loan can have renovations to suit your lifestyle. For instance, you can apply for additional financing to make your home more energy efficient. You can also apply for the Specially Adapted Housing (SAH) and Special Housing Adaptation (SHA) grant to remodel a part of your home.
As a veteran or an active member of organizations that serve the government, it’s easier to get a house you can call home. All you need is to know your rights and the correct ways to go about the buying process.