[Latest News] Credit Counseling News: What Veterans Should Know About VA Home Loans

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What Veterans Should Know About VA Home Loans Friday 21 February 2020 09:45 AM UTC-05 As a veteran, you gain access to a variety of benefits to assist with everything from your personal finances to medical care. The ability to secure a VA home loan is one of the top benefits. In short, a VA home loan is a mortgage product guaranteed by the United States Department of Veterans Affairs (VA). Here's what that means: the VA doesn't originate loans itself, but instead guarantees the loan so that lenders can provide them to veterans with confidence. There's a lot to learn about VA home loans, with every detail important to the process and your ability to secure the money needed to make your dream a reality. Here, we outline the top things veterans should know about VA home loans. The Money Doesn't Come From The VA PAUL J. RICHARDS/AFP via Getty Images PAUL J. RICHARDS/AFP via Getty Images Thanks to the name, it's easy to assume that a VA home loan comes from the United States Department of Veterans Affairs. While the VA plays a big part in the process, it doesn’t actually lend you the money. Instead, the VA guarantees the loan, which takes the risk off the lender’s plate. They're able to provide loans to veterans without the risk of the unknown should the borrower default for any reason. There are thousands of lenders to choose from… _WF.postContent = {"description":" As a veteran, you gain access to a variety of benefits to assist with everything from your personal finances to medical care. The ability to secure a VA home loan is one of the top benefits. In short, a VA home loan is a mortgage product guaranteed by the United States Department of Veterans Affairs (VA). <\/p> Here\u2019s what that means: the VA doesn\u2019t originate loans itself, but instead guarantees the loan so that lenders can provide them to veterans with confidence. There\u2019s a lot to learn about VA home loans, with every detail important to the process and your ability to secure the money needed to make your dream a reality. Here, we outline the top things veterans should know about VA home loans.<\/p>","nextPostLink":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/","nextPostId":1459,"pages":{"1":{"slideId":4970900,"position":1,"url":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/","content":" The Money Doesn\u2019t Come From The VA<\/h2> \n \n \n \n \n <\/picture>\n <\/div>\n \n \n PAUL J. RICHARDS\/AFP via Getty Images<\/div>\n PAUL J. RICHARDS\/AFP via Getty Images<\/div>\n <\/div> \n <\/div>\n <\/div>\n Thanks to the name, it\u2019s easy to assume that a VA home loan comes from the United States Department of Veterans Affairs. While the VA plays a big part in the process, it doesn't actually lend you the money.<\/p> Instead, the VA guarantees the loan, which takes the risk off the lender's plate. They\u2019re able to provide loans to veterans without the risk of the unknown should the borrower default for any reason. <\/p> There are thousands of lenders to choose from...<\/b><\/p>","text":" Thanks to the name, it\u2019s easy to assume that a VA home loan comes from the United States Department of Veterans Affairs. While the VA plays a big part in the process, it doesn't actually lend you the money.<\/p> Instead, the VA guarantees the loan, which takes the risk off the lender's plate. They\u2019re able to provide loans to veterans without the risk of the unknown should the borrower default for any reason. <\/p> There are thousands of lenders to choose from...<\/b><\/p>","h2":"The Money Doesn\u2019t Come From The VA","img":"https:\/\/wfmulti.wpengine.com\/wp-content\/uploads\/2020\/02\/VA-office-39340.jpg","imgalt":"VA-office"},"2":{"slideId":4970901,"position":2,"url":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/2\/","content":" Thousands Of Lenders Offer VA Home Loans<\/h2> \n \n \n \n \n <\/picture>\n <\/div>\n \n \n James M. Thresher\/The The Washington Post via Getty Images<\/div>\n James M. Thresher\/The The Washington Post via Getty Images<\/div>\n <\/div> \n <\/div>\n <\/div>\n The United States Department of Veterans Affairs has done a great job building a large network of lenders. In fact, there are thousands to choose from, thus allowing you to find the one that best suits your borrowing needs and financial circumstances.<\/p> With thousands of lenders offering VA-backed home loans, there\u2019s a good chance that you already have a relationship with a financial institution that can help. And if they can\u2019t, you won\u2019t have to look far to find one that can. <\/p> How to choose a lender?<\/b><\/p>","text":" The United States Department of Veterans Affairs has done a great job building a large network of lenders. In fact, there are thousands to choose from, thus allowing you to find the one that best suits your borrowing needs and financial circumstances.<\/p> With thousands of lenders offering VA-backed home loans, there\u2019s a good chance that you already have a relationship with a financial institution that can help. And if they can\u2019t, you won\u2019t have to look far to find one that can. <\/p> How to choose a lender?<\/b><\/p>","h2":"Thousands Of Lenders Offer VA Home Loans","img":"https:\/\/wfmulti.wpengine.com\/wp-content\/uploads\/2020\/02\/loan-64863.jpg","imgalt":"loan office"},"3":{"slideId":4970902,"position":3,"url":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/3\/","content":" It's A Good Idea To Compare Local And National Lenders<\/h2> \n \n \n \n \n <\/picture>\n <\/div>\n \n \n Marvin Joseph\/The The Washington Post via Getty Images<\/div>\n Marvin Joseph\/The The Washington Post via Getty Images<\/div>\n <\/div> \n <\/div>\n <\/div>\n With thousands of lenders offering VA home loans, you\u2019ll soon find both local and national financial institutions that are willing to answer your questions, provide additional information, and work with you should you decide to proceed.<\/p> It\u2019s always a good idea to compare both local and national lenders to ensure yourself of the best terms and conditions, as well as a borrowing experience that you\u2019ll be happy with over the long run. <\/p>","text":" With thousands of lenders offering VA home loans, you\u2019ll soon find both local and national financial institutions that are willing to answer your questions, provide additional information, and work with you should you decide to proceed.<\/p> It\u2019s always a good idea to compare both local and national lenders to ensure yourself of the best terms and conditions, as well as a borrowing experience that you\u2019ll be happy with over the long run. <\/p>","h2":"It's A Good Idea To Compare Local And National Lenders","img":"https:\/\/wfmulti.wpengine.com\/wp-content\/uploads\/2020\/02\/loan-application-63094.jpg","imgalt":"loan-application"},"4":{"slideId":4970903,"position":4,"url":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/4\/","content":" No Down Payment Requirement<\/h2> \n \n \n \n \n <\/picture>\n <\/div>\n \n \n paulbr75\/Pixabay<\/div>\n paulbr75\/Pixabay<\/div>\n <\/div> \n <\/div>\n <\/div>\n Today, it\u2019s more difficult than ever to buy a home without a down payment. But with a VA loan, this doesn\u2019t hold true. You\u2019re not required to make a down payment, although you can do so if you have the money and\/or desire. <\/p> Since you don\u2019t need a down payment, you\u2019ll find it easier to make a purchase when the time comes. There\u2019s no need to wait several months or years just hoping you can save enough money for a down payment on your dream home. <\/p> Coming up: how to know if you're eligible.<\/b><\/p>","text":" Today, it\u2019s more difficult than ever to buy a home without a down payment. But with a VA loan, this doesn\u2019t hold true. You\u2019re not required to make a down payment, although you can do so if you have the money and\/or desire. <\/p> Since you don\u2019t need a down payment, you\u2019ll find it easier to make a purchase when the time comes. There\u2019s no need to wait several months or years just hoping you can save enough money for a down payment on your dream home. <\/p> Coming up: how to know if you're eligible.<\/b><\/p>","h2":"No Down Payment Requirement","img":"https:\/\/wfmulti.wpengine.com\/wp-content\/uploads\/2020\/02\/paulbr75-13-43546.jpg","imgalt":"No Down Payment Requirement"},"5":{"slideId":4970904,"position":5,"url":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/5\/","content":" And There's Also No Private Mortgage Insurance Requirement<\/h2> \n \n \n \n \n <\/picture>\n <\/div>\n \n \n Dylan Gillis\/Unsplash<\/div>\n Dylan Gillis\/Unsplash<\/div>\n <\/div> \n <\/div>\n <\/div>\n In most cases, if you don\u2019t put down a minimum of 20 percent when buying a home, the lender will charge private mortgage insurance. And you continue to pay this until you have at least 20 percent of the equity in your home. <\/p> VA home loans don\u2019t require private mortgage insurance, which can save you hundreds of dollars every month. Subsequently, you\u2019re able to afford a more expensive home, since you don\u2019t have this additional cost weighing you down. <\/p>","text":" In most cases, if you don\u2019t put down a minimum of 20 percent when buying a home, the lender will charge private mortgage insurance. And you continue to pay this until you have at least 20 percent of the equity in your home. <\/p> VA home loans don\u2019t require private mortgage insurance, which can save you hundreds of dollars every month. Subsequently, you\u2019re able to afford a more expensive home, since you don\u2019t have this additional cost weighing you down. <\/p>","h2":"And There's Also No Private Mortgage Insurance Requirement","img":"https:\/\/wfmulti.wpengine.com\/wp-content\/uploads\/2020\/02\/insurance-44215.jpg","imgalt":"insurance"},"6":{"slideId":4970906,"position":6,"url":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/6\/","content":" It\u2019s Easy To Check For Eligibility<\/h2> \n \n \n \n \n <\/picture>\n <\/div>\n \n \n Elizabeth Frantz for The Washington Post via Getty Images<\/div>\n Elizabeth Frantz for The Washington Post via Getty Images<\/div>\n <\/div> \n <\/div>\n <\/div>\n You may have some questions about whether or not you\u2019re eligible for a VA home loan, not to mention the fact that you probably have some questions about buying a home in general. <\/p> Checking your eligibility is as simple as getting in touch with a VA-approved lender. They can help request your VA Certificate of Eligibility, which puts you on the right path. From there, if you\u2019re eligible, your lender can help you determine how much money you can borrow. <\/p>","text":" You may have some questions about whether or not you\u2019re eligible for a VA home loan, not to mention the fact that you probably have some questions about buying a home in general. <\/p> Checking your eligibility is as simple as getting in touch with a VA-approved lender. They can help request your VA Certificate of Eligibility, which puts you on the right path. From there, if you\u2019re eligible, your lender can help you determine how much money you can borrow. <\/p>","h2":"It\u2019s Easy To Check For Eligibility","img":"https:\/\/wfmulti.wpengine.com\/wp-content\/uploads\/2020\/02\/eligible-56372.jpg","imgalt":"eligible"},"7":{"slideId":4970905,"position":7,"url":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/7\/","content":" Apply For A Loan As Often As You Want<\/h2> \n \n \n \n \n <\/picture>\n <\/div>\n \n \n Tom Williams\/CQ-Roll Call, Inc via Getty Images<\/div>\n Tom Williams\/CQ-Roll Call, Inc via Getty Images<\/div>\n <\/div> \n <\/div>\n <\/div>\n Get this: a VA home loan isn\u2019t something you can only apply for once. If you need to move from your home for any reason -- such as downsizing or to relocate for a new job -- you can once again apply for this type of loan.<\/p> It doesn\u2019t matter how old you are, where you live, or how much time has passed since you last served, you can apply for a VA home loan multiple times. <\/p>","text":" Get this: a VA home loan isn\u2019t something you can only apply for once. If you need to move from your home for any reason -- such as downsizing or to relocate for a new job -- you can once again apply for this type of loan.<\/p> It doesn\u2019t matter how old you are, where you live, or how much time has passed since you last served, you can apply for a VA home loan multiple times. <\/p>","h2":"Apply For A Loan As Often As You Want","img":"https:\/\/wfmulti.wpengine.com\/wp-content\/uploads\/2020\/02\/for-sale-22682.jpg","imgalt":"A for sale sign advertising a row house"},"8":{"slideId":4970907,"position":8,"url":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/8\/","content":" VA Loan Rates Are More Competitive<\/h2> \n \n \n \n \n <\/picture>\n <\/div>\n \n \n Jahi Chikwendiu\/The Washington Post via Getty Images<\/div>\n Jahi Chikwendiu\/The Washington Post via Getty Images<\/div>\n <\/div> \n <\/div>\n <\/div>\n The higher your interest rate, the higher your monthly payment. With this in mind, you want to secure the lowest rate possible, and it\u2019s easy to do that when you opt for a VA home loan.<\/p> Generally speaking, this type of loan is roughly 0.25 percent lower than a conventional loan. The reason is simple: since the VA backs the loan, there is less risk to the lender. For this reason, they\u2019re more comfortable offering a lower rate to borrowers.<\/p>","text":" The higher your interest rate, the higher your monthly payment. With this in mind, you want to secure the lowest rate possible, and it\u2019s easy to do that when you opt for a VA home loan.<\/p> Generally speaking, this type of loan is roughly 0.25 percent lower than a conventional loan. The reason is simple: since the VA backs the loan, there is less risk to the lender. For this reason, they\u2019re more comfortable offering a lower rate to borrowers.<\/p>","h2":"VA Loan Rates Are More Competitive","img":"https:\/\/wfmulti.wpengine.com\/wp-content\/uploads\/2020\/02\/homeowner-39821.jpg","imgalt":"Marrio Pearson, who served in the U.S. Army from 1990 to 1999, looks out into his new neighborhood"},"9":{"slideId":4970908,"position":9,"url":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/9\/","content":" Some Surviving Spouses Qualify, Too<\/h2> \n \n \n \n \n <\/picture>\n <\/div>\n \n \n Bench Accounting\/Unsplash<\/div>\n Bench Accounting\/Unsplash<\/div>\n <\/div> \n <\/div>\n <\/div>\n If your spouse has passed on, you may be able to use their benefits to secure a VA home loan. Every year, thousands of surviving spouses do this as their means of buying a home. <\/p> As long as your spouse died in action and you haven\u2019t remarried, you\u2019re likely to qualify. If you have questions on what to do next, contact a VA approved lender for guidance. They can review your situation, help you complete an application, and seek a VA Certificate of Eligibility. <\/p>","text":" If your spouse has passed on, you may be able to use their benefits to secure a VA home loan. Every year, thousands of surviving spouses do this as their means of buying a home. <\/p> As long as your spouse died in action and you haven\u2019t remarried, you\u2019re likely to qualify. If you have questions on what to do next, contact a VA approved lender for guidance. They can review your situation, help you complete an application, and seek a VA Certificate of Eligibility. <\/p>","h2":"Some Surviving Spouses Qualify, Too","img":"https:\/\/wfmulti.wpengine.com\/wp-content\/uploads\/2020\/02\/spouse-25532.jpg","imgalt":"spouse"},"10":{"slideId":4970909,"position":10,"url":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/10\/","content":" Use A VA Home Loan To Refinance Or Remodel<\/h2> \n \n \n \n \n <\/picture>\n <\/div>\n \n \n KERRY SHERIDAN\/AFP via Getty Images<\/div>\n KERRY SHERIDAN\/AFP via Getty Images<\/div>\n <\/div> \n <\/div>\n <\/div>\n Many people use a VA home loan to buy a property. However, that\u2019s just one of your options. You can also use the loan to refinance an existing mortgage, such as to secure a lower interest rate.<\/p> You can also tap into the equity in your home to take on a big home remodeling project, or for a variety of other expenses ranging from college tuition to a once-in-a-lifetime trip. <\/p>","text":" Many people use a VA home loan to buy a property. However, that\u2019s just one of your options. You can also use the loan to refinance an existing mortgage, such as to secure a lower interest rate.<\/p> You can also tap into the equity in your home to take on a big home remodeling project, or for a variety of other expenses ranging from college tuition to a once-in-a-lifetime trip. <\/p>","h2":"Use A VA Home Loan To Refinance Or Remodel","img":"https:\/\/wfmulti.wpengine.com\/wp-content\/uploads\/2020\/02\/renovations-44932.jpg","imgalt":"This photo taken on June 16, 2018 shows building and renovation"},"11":{"slideId":4970910,"position":11,"url":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/11\/","content":" Qualify With A Low Credit Score<\/h2> \n \n \n \n \n <\/picture>\n <\/div>\n \n \n Breno Assis\/Unsplash<\/div>\n Breno Assis\/Unsplash<\/div>\n <\/div> \n <\/div>\n <\/div>\n For many individuals, there\u2019s one thing stopping them from buying a home: a low credit score. Even if you have your finances in order, a low credit score can make it difficult to secure a mortgage that allows you to make a purchase.<\/p> With a VA home loan, there are no minimum credit score guidelines in place. Therefore, lenders have more flexibility when it comes to providing loans to individuals with lower credit scores. <\/p> What if you've filed for bankruptcy?<\/b><\/p>","text":" For many individuals, there\u2019s one thing stopping them from buying a home: a low credit score. Even if you have your finances in order, a low credit score can make it difficult to secure a mortgage that allows you to make a purchase.<\/p> With a VA home loan, there are no minimum credit score guidelines in place. Therefore, lenders have more flexibility when it comes to providing loans to individuals with lower credit scores. <\/p> What if you've filed for bankruptcy?<\/b><\/p>","h2":"Qualify With A Low Credit Score","img":"https:\/\/wfmulti.wpengine.com\/wp-content\/uploads\/2020\/02\/neighborhood-56345.jpg","imgalt":"neighborhood"},"12":{"slideId":4970911,"position":12,"url":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/12\/","content":" You Can Qualify After Bankruptcy<\/h2> \n \n \n \n \n <\/picture>\n <\/div>\n \n \n Maurice Williams\/Unsplash<\/div>\n Maurice Williams\/Unsplash<\/div>\n <\/div> \n <\/div>\n <\/div>\n A bankruptcy is sure to damage your credit history and score, thus making it a challenge to secure a home loan. However, with a VA home loan, you can still qualify after a bankruptcy. This holds true of both Chapter 7 and Chapter 13 bankruptcies.<\/p> Even though a bankruptcy filing will remain on your credit report for seven (Chapter 13) or 10 (Chapter 7) years, the VA considers your credit re-established after a period of only two years. <\/p>","text":" A bankruptcy is sure to damage your credit history and score, thus making it a challenge to secure a home loan. However, with a VA home loan, you can still qualify after a bankruptcy. This holds true of both Chapter 7 and Chapter 13 bankruptcies.<\/p> Even though a bankruptcy filing will remain on your credit report for seven (Chapter 13) or 10 (Chapter 7) years, the VA considers your credit re-established after a period of only two years. <\/p>","h2":"You Can Qualify After Bankruptcy","img":"https:\/\/wfmulti.wpengine.com\/wp-content\/uploads\/2020\/02\/Purchase-21789.jpg","imgalt":"Purchasing a home"},"13":{"slideId":4970912,"position":13,"url":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/13\/","content":" Qualify After Foreclosure<\/h2> \n \n \n \n \n <\/picture>\n <\/div>\n \n \n Ricky Carioti\/The Washington Post via Getty Images<\/div>\n Ricky Carioti\/The Washington Post via Getty Images<\/div>\n <\/div> \n <\/div>\n <\/div>\n A past foreclosure may have you thinking twice about applying for another mortgage. You might even be concerned that you won\u2019t qualify. <\/p> But you can secure a VA home loan, even if you have a foreclosure on your credit report. Lenders don\u2019t look at this nearly as strongly as they do with a more conventional mortgage. Keep in mind that if you\u2019ve foreclosed on a home you purchased with a VA loan, you may be required to pay back the past due money before you can once again apply for this type of financing.<\/p>","text":" A past foreclosure may have you thinking twice about applying for another mortgage. You might even be concerned that you won\u2019t qualify. <\/p> But you can secure a VA home loan, even if you have a foreclosure on your credit report. Lenders don\u2019t look at this nearly as strongly as they do with a more conventional mortgage. Keep in mind that if you\u2019ve foreclosed on a home you purchased with a VA loan, you may be required to pay back the past due money before you can once again apply for this type of financing.<\/p>","h2":"Qualify After Foreclosure","img":"https:\/\/wfmulti.wpengine.com\/wp-content\/uploads\/2020\/02\/paperwork-46654.jpg","imgalt":"Sarah Krocak and her husband Marty, meet with banker Jill Rynda, left, as the couple got an extension on the repayment"},"14":{"slideId":4970913,"position":14,"url":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/14\/","content":" There's Potential To Secure A Funding Fee Waiver<\/h2> \n \n \n \n \n <\/picture>\n <\/div>\n \n \n Cytonn Photography\/unsplash<\/div>\n Cytonn Photography\/unsplash<\/div>\n <\/div> \n <\/div>\n <\/div>\n The United States Department of Veterans Affairs typically charges the borrower a funding fee to offset the cost of the program and ensure its sustainability over the long run. This fee generally falls between 0.50 and 3.3 percent of the amount you borrow. <\/p> Some veterans qualify for a funding fee waiver, such as those who are disabled. Ask about this when applying for a VA home loan, as it can save you thousands of dollars. <\/p>","text":" The United States Department of Veterans Affairs typically charges the borrower a funding fee to offset the cost of the program and ensure its sustainability over the long run. This fee generally falls between 0.50 and 3.3 percent of the amount you borrow. <\/p> Some veterans qualify for a funding fee waiver, such as those who are disabled. Ask about this when applying for a VA home loan, as it can save you thousands of dollars. <\/p>","h2":"There's Potential To Secure A Funding Fee Waiver","img":"https:\/\/wfmulti.wpengine.com\/wp-content\/uploads\/2020\/02\/shaking-hands-30883.jpg","imgalt":"shaking-hands"},"15":{"slideId":4970914,"position":15,"url":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/15\/","content":" Use A VA Home Loan To Buy Many Types Of Property<\/h2> \n \n \n \n \n <\/picture>\n <\/div>\n \n \n Jahi Chikwendiu\/The Washington Post via Getty Images<\/div>\n Jahi Chikwendiu\/The Washington Post via Getty Images<\/div>\n <\/div> \n <\/div>\n <\/div>\n Even if you\u2019re most interested in a single-family home, you may want to look into other property types before concluding your search. You can also use a VA home loan to purchase a condo, townhouse, manufactured home, or property with as many as four separate units.<\/p> With so many options, search far and wide for the perfect property. This will help you make the most of your purchase, regardless of your budget. <\/p>","text":" Even if you\u2019re most interested in a single-family home, you may want to look into other property types before concluding your search. You can also use a VA home loan to purchase a condo, townhouse, manufactured home, or property with as many as four separate units.<\/p> With so many options, search far and wide for the perfect property. This will help you make the most of your purchase, regardless of your budget. <\/p>","h2":"Use A VA Home Loan To Buy Many Types Of Property","img":"https:\/\/wfmulti.wpengine.com\/wp-content\/uploads\/2020\/02\/condo-15293.jpg","imgalt":"Marrio Pearson, who served in the U.S. Army from 1990 to 1999, tinkers with motion lights to be installed at his southeast DC rowhouse"},"16":{"slideId":4970915,"position":16,"url":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/16\/","content":" Sufficient Income Is Required<\/h2> \n \n \n \n \n <\/picture>\n <\/div>\n \n \n mccutcheon\/unsplash<\/div>\n mccutcheon\/unsplash<\/div>\n <\/div> \n <\/div>\n <\/div>\n Even though VA home loans are designed to make life easier on veterans, it doesn\u2019t mean that lenders will give money to anyone who qualifies. You must still be able to prove sufficient income.<\/p> On the plus side, once you share the necessary information with your lender, they can review your application and tell you exactly how much you can borrow. This will help guide your home search, as you have a clear idea of your price range. <\/p>","text":" Even though VA home loans are designed to make life easier on veterans, it doesn\u2019t mean that lenders will give money to anyone who qualifies. You must still be able to prove sufficient income.<\/p> On the plus side, once you share the necessary information with your lender, they can review your application and tell you exactly how much you can borrow. This will help guide your home search, as you have a clear idea of your price range. <\/p>","h2":"Sufficient Income Is Required","img":"https:\/\/wfmulti.wpengine.com\/wp-content\/uploads\/2020\/02\/income-53147.jpg","imgalt":"income"},"17":{"slideId":4970916,"position":17,"url":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/17\/","content":" You Can Still Shop Around<\/h2> \n \n \n \n \n <\/picture>\n <\/div>\n \n \n Helloquence\/unsplash<\/div>\n Helloquence\/unsplash<\/div>\n <\/div> \n <\/div>\n <\/div>\n Don\u2019t assume that one lender is the same as the next. Just the same as a traditional mortgage, you should shop around to better understand the terms and conditions offered by each lender.<\/p> Focus on things such as interest rate, available terms, customer satisfaction, and customer service. As a general rule of thumb, request more information from a minimum of three to five lenders. This will position you to make an informed decision when the time comes to move forward with the process.<\/p>","text":" Don\u2019t assume that one lender is the same as the next. Just the same as a traditional mortgage, you should shop around to better understand the terms and conditions offered by each lender.<\/p> Focus on things such as interest rate, available terms, customer satisfaction, and customer service. As a general rule of thumb, request more information from a minimum of three to five lenders. This will position you to make an informed decision when the time comes to move forward with the process.<\/p>","h2":"You Can Still Shop Around","img":"https:\/\/wfmulti.wpengine.com\/wp-content\/uploads\/2020\/02\/shopping-around-99015.jpg","imgalt":"shopping-around"},"18":{"slideId":4970917,"position":18,"url":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/18\/","content":" No Prepayment Penalty, Ever<\/h2> \n \n \n \n \n <\/picture>\n <\/div>\n \n \n Pixabay\/mastersenaiper<\/div>\n Pixabay\/mastersenaiper<\/div>\n <\/div> \n <\/div>\n <\/div>\n There\u2019s no better feeling than paying extra on your mortgage. Doing so accelerates the payoff, which allows you to become mortgage-free sooner. There are no prepayment penalties with a VA home loan. You can pay it back as fast as possible, with no concerns about a penalty costing you money.<\/p> Also, if you decide to move, VA home loans don\u2019t have an early-exit fee clause. You\u2019re free to sell the home whenever you want, even if it\u2019s within months of moving in. <\/p>","text":" There\u2019s no better feeling than paying extra on your mortgage. Doing so accelerates the payoff, which allows you to become mortgage-free sooner. There are no prepayment penalties with a VA home loan. You can pay it back as fast as possible, with no concerns about a penalty costing you money.<\/p> Also, if you decide to move, VA home loans don\u2019t have an early-exit fee clause. You\u2019re free to sell the home whenever you want, even if it\u2019s within months of moving in. <\/p>","h2":"No Prepayment Penalty, Ever","img":"https:\/\/wfmulti.wpengine.com\/wp-content\/uploads\/2020\/02\/mastersenaiper-19455.jpg","imgalt":"mastersenaiper"},"19":{"slideId":4970918,"position":19,"url":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/19\/","content":" There Are Similar Programs<\/h2> \n \n \n \n \n <\/picture>\n <\/div>\n \n \n Matt McClain\/The Washington Post via Getty Images<\/div>\n Matt McClain\/The Washington Post via Getty Images<\/div>\n <\/div> \n <\/div>\n <\/div>\n In addition to a traditional VA home loan, there are other programs that have just as much to offer veterans. Some of the most popular include Interest Rate Reduction Refinance Loan (IRRRL), Native American Direct Loan (NADL) Program, the Native American Direct Loan (NADL) Program, and Adapted Housing Grants.<\/p> All of these loans and programs are worth your consideration, as you don\u2019t want to miss out on any benefits that you qualify for. You never know when you\u2019ll find something that helps you purchase a home and\/or save you money. <\/p>","text":" In addition to a traditional VA home loan, there are other programs that have just as much to offer veterans. Some of the most popular include Interest Rate Reduction Refinance Loan (IRRRL), Native American Direct Loan (NADL) Program, the Native American Direct Loan (NADL) Program, and Adapted Housing Grants.<\/p> All of these loans and programs are worth your consideration, as you don\u2019t want to miss out on any benefits that you qualify for. You never know when you\u2019ll find something that helps you purchase a home and\/or save you money. <\/p>","h2":"There Are Similar Programs","img":"https:\/\/wfmulti.wpengine.com\/wp-content\/uploads\/2020\/02\/options-85852.jpg","imgalt":"Hector Sierra and his wife, Yvonne Durazzo pose for a portrait at their home"},"20":{"slideId":4970919,"position":20,"url":"https:\/\/www.moneypop.com\/uncategorized\/what-veterans-should-know-about-va-home-loans\/20\/","content":" Remember, You\u2019re Not Alone<\/h2> \n \n \n \n \n <\/picture>\n <\/div>\n \n \n zoedurrrealtor\/Twitter<\/div>\n zoedurrrealtor\/Twitter<\/div>\n <\/div> \n <\/div>\n <\/div>\n You won\u2019t make your decision to apply for a VA home loan based on what others are doing, but it\u2019s nice to know that this program is so popular. Every year, the VA guarantees hundreds of thousands of loans. And with so many benefits, such as a lower interest rate and more lenient eligibility requirements, this is sure to continue into the future.<\/p> If you have any questions about your eligibility, consult with a VA approved lender. <\/p>","text":" You won\u2019t make your decision to apply for a VA home loan based on what others are doing, but it\u2019s nice to know that this program is so popular. Every year, the VA guarantees hundreds of thousands of loans. And with so many benefits, such as a lower interest rate and more lenient eligibility requirements, this is sure to continue into the future.<\/p> If you have any questions about your eligibility, consult with a VA approved lender. <\/p>","h2":"Remember, You\u2019re Not Alone","img":"https:\/\/wfmulti.wpengine.com\/wp-content\/uploads\/2020\/02\/VA-loan-13590.jpg","imgalt":"VA loan"}}}; _WF.emit('flexformat_init');