A lot of eligible veterans still don’t know that getting a VA home loan has many advantages for them. A lot of qualified borrowers still have questions about this benefit.
Other than the fact that it doesn’t require a down payment, there is still a list of reasons why a VA home loan is such a good deal. In order to give a clearer picture about the benefit, it’s time to tackle frequently asked questions about it.
Question: Does my VA home loan benefit have an expiration?
Even if you are not actively on duty anymore, you can still use this benefit. Eligibility is determined based on the length of the time served so the answer is yes. It doesn’t matter if you served 20 years ago or even 50. Just make sure to check your eligibility by obtaining your DD Form 214 and then either have your VA-approved lender obtain or request online for a Certificate of Eligibility.
Question: Are there other VA home loan programs other than home buying?
There are VA home loan options that are not for home buying. If you seek to refinance, there is a VA cash-out loan and a VA Interest Rate Reduction Refinancing Loan (IRRRL) or also known as VA streamline refinance. Each of the refinance program has unique properties that are worth looking into.
Question: Are VA home loans strictly for veterans only?
Husbands and wives of fallen soldiers who died in battle can make use of this benefit. VA-approved lenders can help those who seek guidance should they want to use this benefit.
Question: Is this a one-time deal?
No. You can use this benefit as much as you want. As long as you don’t currently have a VA loan, you can use this benefit even if you have done so before.
Questions: Are there specific guidelines for credit score qualifications?
Applying for a VA home loan doesn’t necessarily have strict credit score requirements for you to qualify. However, lenders have varied stances on the matter so it’s best to consult different VA-approved lenders and compare which one is doable for you.
For more specific questions about the benefit, it’s best to consult experts and VA-approved lenders to give you a better understanding of the matter.