It’s just fair for Veterans to have a meaningful civilian life after dedicating their lives serving the country and its citizenry. To compensate for their dedication, the U.S. Department of Veterans Affairs (VA) has created programs to make the lives of Veterans comfortable as they transition from being active service members to ordinary citizens. The VA home loan is among the popular programs that help Veterans fulfill their American dream of becoming a homeowner.
Eligible Veterans and other homebuyers who qualify for a VA loan are often not required to pay a down payment. Conventional loans typically require homebuyers to settle a 20% down payment. The U.S. Department of Veterans Affairs (VA) has made homeownership more affordable for Veterans in gratitude for their dedication in serving the country. However, Veterans need to settle several one-time expenses when buying a home.
A VA loan is a type of mortgage backed by the U.S. Department of Veterans Affairs and is available to current service members, veterans and eligible surviving spouses. VA loans offer several advantages, including no private mortgage insurance (PMI) and no down payment required. When qualifying for a VA purchase or refinance, you need to meet certain minimum residual income requirements based on your requested loan amount, where you will be buying, and how many people will live in the home. Here’s how it works: