VA home loans are specifically designed to meet the home-buying needs of former and active duty service members. Unlike traditional mortgages, VA loans usually require no down payment and offer a variety of other benefits including:
The benefits of a VA loan go far beyond owning a property itself. Veterans who qualify are also eligible to receive financial counseling if they struggle to make payments or experience economic challenges in the future. What’s more, a VA loan presents an opportunity to buy a home, even if you have little or no savings, which is incredibly beneficial for soldiers who haven’t yet had the chance to build assets.
Members of the Marines, Navy, Air Force, and Army are all eligible to apply for a VA home loan, unless you’re in the:
That said, just because you’re in the National Guard or Army Reserves doesn’t mean you’ll never qualify. Instead, you’ll just have to meet a different set of requirements. For example, VALoans.com says: “Some Reservists and Guardsmen who’ve served at least 90 consecutive days of active duty since Aug. 2, 1990, might be eligible for a VA loan. Otherwise, Guard and Reserve members and veterans typically need at least six years of service.”
Because every situation is different, you’ll want to meet with a qualified mortgage lender. We regularly assist veterans with the VA loan process. If you’re interested in learning more, we invite you to call and request a consultation today. (480) 464-2400