f you are a U.S. military veteran, a VA loan is a great way to buy a new home without making a large down payment.
Benefits
There are several benefits to getting a VA loan:
No down payment required.
No monthly mortgage insurance required.
Free personal loan counseling from the VA.
Eligibility
To be eligible for a VA loan you must:
Be a veteran of the U.S. military.
Intend to occupy the home you're purchasing (not renting it out or using it as a vacation home).
Have a satisfactory credit history.
Have sufficient income to cover the monthly mortgage payments.
Borrow less than $184,000.
Cost
To get a VA loan, you must pay a fee to the VA. This fee is based on the down payment amount and whether you served full-time, in the Reserves or the National Guard.
f you are a U.S. military veteran, a VA loan is a great way to buy a new home without making a large down payment.
