VA Home Loan Requirements

VA Requirements

You must have satisfactory credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA home loan. The home must be for your own personal occupancy. The eligibility requirements to obtain a COE are listed below for Servicemembers and Veterans, spouses, and other eligible beneficiaries.

VA home loans can be used to:

   Buy a home, a condominium unit in a VA-approved project

   Build a home

   Simultaneously purchase and improve a home

   Improve a home by installing energy-related features or making energy efficient improvements

   Buy a manufactured home and/or lot

   To refinance an existing VA-guaranteed or direct loan for the purpose of a lower interest rate

   To refinance an existing mortgage loan or other indebtedness secured by a lien of record on a residence owned and occupied by the veteran as a home

Benfits of a VA Home Loan

Purchase Loans help you purchase a home at a competitive interest rate often without requiring a downpayment or private mortgage insurance. Cash Out Refinance loans allow you to take cash out of your home equity to take care of concerns like paying off debt, funding school, or making home improvements. Learn More

Interest Rate Reduction Refinance Loan (IRRRL): also called the Streamline Refinance Loan can help you obtain a lower interest rate by refinancing your existing VA loan. Learn More

Native American Direct Loan (NADL) Program: helps eligible Native American Veterans finance the purchase, construction, or improvement of homes on Federal Trust Land, or reduce the interest rate on a VA loan. Learn More

Adapted Housing Grants: help Veterans with a permanent and total service-connected disability purchase or build an adapted home or to modify an existing home to account for their disability. Learn More

An Inspection that the VA does not cover

A lot of military buyers don't know about some of the VA requirements other than inspections and appraisals. However; if you are interested in purchasing a home with a septic or well , you the buyer, are responsible in paying for this inspection.   The VA requires that it passes a minimum standard test. If you have any questions, please contact Chris Stevens at 813-316-7200 at Kerin Realty or Robert Digiore from Freedom Mortgage at 813-504-8593.

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