A Guide to Important Information on VA Loans

Loan displayed on the monitorSince the year 1994, the VA loans program has seen over 22 million military servicemen and women become successful homeowners. But many military service members aren’t aware of the procedures, benefits, and operations that come with this program. As primary proponents of this financial program, they are missing out on a lot of critical information.

Demand has been on the rise for VA Loans, otherwise known as Veteran Affairs Mortgages. VA Loans in St. Louis do not require a down payment and are available to both active military members and military veterans. Besides the common knowledge on VA loans, there are more benefits and restrictions that come with VA loans.

They Are Reusable

A full VA loan entitlement is applicable repeatedly as long as you ensure that you pay your loan to completion every time. You may also get an additional VA loan even if you have an ongoing loan you are still paying for. In addition, if you suffered a foreclosure on a VA mortgage, you still have another chance to try again.

VA Loans Are for Primary Residences

Your VA loan benefit only applies to buying single or multiple primary residences. That means you cannot buy a vacation home on your favorite island or an investment property abroad. There are few exceptions to this rule, and your private lender can inform you of your limitations.

Restriction on Property Choices

A VA Home loan is only good for homes that are move-in ready to for single individuals or family people. That means, it includes homes such as condos, single family homes, multi-unit properties, modular housing and more. Therefore, if you are considering a fixer-upper, a downtown deli, or a working farm, then a VA loan may not be a viable option for you.

VA loans come with a lot more details attached to them compared to a normal loan. With the right lending agent, you can maneuver the stipulations and get the best and the most out of your VA benefit.