Are you tired of renting? Why use your Basic Allowance For Housing (BAH) to pay off someone else's mortgage? Why not take advantage of your Veterans Affairs (VA) benefits and purchase a home. There are many advantages to purchasing a home using a VA Home Loan such as the ability to buy with no money down and no Private Mortgage Insurance (PMI) requirement.
Understanding basic information about your VA home loan benefit is critical when starting the home buying process. There are some things you should be aware of such as the eligibility requirements and benefits.
Eligibility: You may qualify for a VA loan by meeting one or more of the following requirements:
- You served 90 consecutive days of active service during wartime.
- You served 181 days of active service during peacetime.
- You have 6 years of service in the National Guard or Reserves, or served 90 days (at least 30 of them consecutively) under Title 32 orders.
- You are the spouse of a service member who died while serving or died from a service-related disability.
The VA can help determine your loan benefit and issue your Certificate of Eligibility (COE). Many veterans and service members can access their eligibility certificate online.
Benefits: Some advantages of a VA loan include the ability to buy a home with no money down and no PMI requirement. The VA loan program limits the closing costs you may be charged, and are sometimes shorter in closing times than other loans, so that means a faster process. This is also a lifetime benefit and you can use the guarantee multiple times.
Don't waste your BAH renting when you could become a homeowner. Whether you are purchasing your first home, dream home or forever home; use your VA home loan benefit today! Find out more information or download the buyer's guide.
Explore More with My Military Lifestyle and Check your VA loan eligibility today!