VA Home Loan - US Veteran, Active, Reserve, Military Spouse, PROS/CONS - How VA Loans Work

Veteran’s Affairs (VA)
Mortgage = loan used to buy a home.
VA Loan is a loan issued by a private lender that is backed by the Department of Veteran’s Affairs.

Introduced in 1944 as part of G.I. Bill.
VA HOME LOAN Helps
1) US Veterans
2) Active duty (and reserve) service members
3) Widows military spouses

Q1 in 2019, 8% of home purchases were made with a VA Loan. It’s Easy to qualify for & Zero Down payment.

Non-Conventional Loans:
1) VA Loan
2) FHA loan

VA Loans guaranteed by the government.
In 2018, Department of VA Guaranteed 610,513 purchases using the VA Loan

What are the requirements?
• Active duty servicemember or veteran with 90 consecutive days served during wartime or 180 consecutive days during peacetime.
• Served more than 6 years Reserve or National Guard
• Widowed Spouse

Certificate of Eligibility – VA HOME LOAN
https://www.va.gov/housing-assistance/home-loans/how-to-apply/#:~:text=Learn%20how%20to%20apply%20for,of%20the%20loan%20application%20process.
Pros of VA Loans.
1) No down payment.
2) You do not need to be a first-time home buyer
3) No minimum credit score requirement

Other benefits No Private Mortgage Insurance, No Prepayment penalty, No borrowing limit, Bankruptcy and Foreclosure don’t affect chances of getting VA Loan

Cons of VA Loan
1) Funding Fee (Can be added in the loan)
2) Certain properties eligible. Vacant land & Co-ops do not qualify
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