Although an appraisal for a VA home loan may seem similar to a home inspection, there are important distinctions. An inspection, which will be done separately from the VA home appraisal, will still be required; this benefits the buyer and involves looking in-depth at a home’s electrical system as well as the roof and foundation. Inspections also require the attic and crawlspace to be thoroughly examined with renovation and repair in mind, whereas a VA appraisal only requires them to be assessed for financial value
Whether someone serves in the military or is a civilian, the process for home loan approval can be daunting. But for those who are active or retired from service, being approved for a VA loan isn’t as difficult as it may seem.
A military service casualty has an impact on the surviving family that goes far beyond the immediate shock and long-term grief that they feel. While there is certainly nothing of higher priority than the loss of a spouse, often the men and women still at home are left trying to put together the pieces while trying to navigate their way through the benefits that are available to them through their spouse’s ultimate sacrifice.
United States veterans can use the VA home loan program to purchase a property, but it is important to understand the requirements and limitations of such loans when house hunting.
Here are a few details about the VA home loan regarding properties that are usually approved.
VA home loans are an excellent but often underused resource that provide fair home loans to veterans and current servicemen and women. When applying for a VA loan, individuals should be aware that their desired property must meet specific guidelines in order to qualify.
Since 1944, the VA home loan program has served an important role in the pursuit of providing support to veterans looking to buy a home. With its low credit requirements and eliminated need for a down payment, the VA home loan program has enabled more veterans to secure mortgages on homes and achieve a higher standard of life. From the time of its inception, the VA home loan program has backed more than 24 million home loans for veterans and their families.
Finding the money to put a down payment on a home is one of the biggest hurdles homebuyers have to face when they are ready to take the big leap from renting to buying. As an honorably discharged veteran, when it’s time to buy a home you have the advantage of getting special assistance that is not available to outsiders. Not only can you get a larger home loan, but you can do so without the need for a down payment of any kind. For those who qualify, money is available to refinance an existing mortgage or buy/build a new home of their own.
The process of obtaining a VA loan in an effort to buy a home can seem like a daunting task. There is a great deal of paperwork and specific requirements. While it is vital that you work with a lender who knows the ins and outs of the VA loan procedure, here are some additional things you can expect to run into during the process.
Just like many Americans, veterans often need help with financing when it comes to home loans. The government stepped in to provide that support in 1944 with the government-supported VA loan program. It was drafted as a part of the GI Bill of Rights by then-President Franklin D. Roosevelt, and it has been an extremely powerful resource for returning servicemen and women. If there was one complaint, it was that the limit on mortgage loans for veterans was capped at just under $500,000 in more rural areas. In cities, it was closer to $730,000.
Refinancing your loans is a great choice when you want to lower your interest rates. With VA loans, the streamline refinancing program makes the process more efficient and effective. It is also known as the Interest Rate Reduction Refinancing Loan (IRRRL) or VA to VA loan.