Purchasing Options

Purchasing Options

Purchasing Options

VA Loan Financing Options

Current military service members, veterans, and some military spouses, have several options when it comes to financing the purchase of a home. There are many possibilities to choose from and each program has its benefits. Veterans Anonymous always recommends the VA home loan program, if the borrower qualifies, due to the benefit of having the federal government as the loan’s guarantor. Here’s a handful of programs that service members and veterans can choose from.

Exploring FHA Loans

FHA stands for Federal Housing Administration. This is a program provided to more than just current and former members of the military. Along with service members, senior citizens, borrowers buying a home for the first time, people purchasing a home that is considered a “fixer upper” with the intent to remodel, and people buying a home in order to apply improvements to make the house energy efficient, all may qualify for an FHA loan. The VA’s network of loan specialists can assist anyone in pursing an FHA loan, if interested.

Benefits of a USDA Loan

A USDA loan is another loan not specific to members of the armed forces. This loan is provided by the US Department of Agriculture. Along with military members, qualified applicants may include anyone with low income who intends to buy a home in a predetermined rural area zone. Borrowers may also use this loan to purchase land.

What about Conventional Loans?

Conventional home mortgage loans could be a good option for military members who do not qualify for a VA home loan. The VA’s network of qualified loan specialists can assist you with finding a quality loan with a reasonable interest rate. However, this should be somewhat of a last case scenario as military members have several options for more affordable home ownership.

Securing a VA Home Loan

The VA home loan is only available to members and former members of the military, as well as some military spouses. This program has been in place since 1944, offering veterans a pathway to owning a home. This option is available to any member who meets a handful of basic requirements and includes no down payment and reasonable interest rates.

  • Kevin Vicroy
    Posted at 14:19h, 17 October Reply

    Can I use my certificate of eligibility loan for an rv if it’s my permanent residence?

    • Adam
      Posted at 18:11h, 17 October Reply

      Unfortunately, any property without a fixed, permanent foundation, including boats and recreational vehicles, cannot be approved for a VA guaranteed home loan because lack of a permanent foundation means a vehicle cannot be considered “real property” or real estate.

  • Carter Johnson
    Posted at 18:23h, 02 June Reply

    How do I get a VA ID number for a builder?

  • thomas Yancy
    Posted at 21:02h, 28 September Reply

    how do i get my certificate of eligibility for a v.A. loan

    • VA.org Editor
      Posted at 16:54h, 03 October Reply

      After establishing that you are eligible, you will need a Certificate of Eligibility (COE). The COE verifies to the lender that you are eligible for a VA-backed loan. This page describes the evidence you submit to verify your eligibility for a VA home loan and how to submit the evidence and obtain a COE: https://www.benefits.va.gov/homeloans/purchaseco_certificate.asp

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