If you’re an honorably discharged veteran or a current member of the U.S. Armed Forces, you could be eligible to claim a VA loan benefit.
But what does your VA loan benefit include, and can you use it to buy a home in Lakewood or Long Beach?
What is a VA Loan?
A VA loan is a loan from a traditional lender that’s backed by the Veterans Administration. These types of loans are guaranteed by the VA, not made by the VA. Because the VA backs these loans, lenders are more comfortable lending to people who have lower credit scores or who may not be able to qualify for other types of loans.
When a lender receives your loan application, it can’t disapprove you based solely on your credit score. Instead, it must look at your entire financial profile.
Benefits of VA Loans
If you use a VA loan, you don’t have to come up with a 20 percent down payment on a home. With most other loans, you would have to pay for private mortgage insurance if you didn’t come up with 20 percent… but that’s not the case with a VA loan. You’re not required to buy private mortgage insurance, which can save you thousands of dollars over the term of your loan.
If you run in to trouble making your payments at any point in the life of your loan, the VA may be able to help you.
Who Can Use a VA Loan?
Honorably discharged veterans of the U.S. Armed Forces, current service members (including reservists and National Guardsmen), and some qualifying dependents are eligible for VA loan benefits. If you’re not sure whether you’re eligible, you can ask your lender to give you the run-down on who can take advantage of this benefit.
Are You Thinking About Buying a Home in Lakewood or Long Beach?
If you’re looking at homes for sale in Lakewood, Long Beach or any of the surrounding communities, we can help you find the one that’s just right for you.
Call us at 562-882-1581. We’ll start searching for your dream home right away. In the meantime, check out our:
- Lakewood homes for sale
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