VA loans are some of the best sources of financial aid for military personnel who have to move because of their MilPCS order. These loans often feature low rates and low down payments, so you should have few issues finding your dream house if you have recently relocated to another base. That said, your VA loan options are vast, and each option features its requirements and benefits. Understanding your options is the key to maximizing your VA benefits, and this article will provide all the information you need!
How to sign up for VA loans?
The first thing you should do is check if you are eligible for your VA loans. Recruits are only eligible for the loans if they have served for at least 90 days on active duty. You should also remember that being eligible for your VA loans does not necessarily mean that your application will automatically be approved. Your approval will depend on many factors, such as your credit and employment history.
If you are eligible for the loans, you should contact an approved VA lender. They will help you to get a certificate of eligibility from the local Department of Veteran Affairs. This is a required document when you apply for your VA loan.
The different options for VA loans
With VA loans, you will have a lot of different options that will help you to find the perfect home. Understanding your options will ensure that you will be able to optimize your loans.
- New purchase loans: This is the option that most people will be interested in. Your VA loans can be used to purchase a new property, so long as it is fixed to just one location. This means that your VA loans can be used to purchase a house, a condo, or a modular house.
- House construction: It is important to note that your VA loans can also be used to construct a new house. The piece of land must be used for housing construction, however. Otherwise, the VA loans will not be approved.
- Farmhouses: You can technically use VA loans for farmhouses. However, the VA loans will only guarantee the residential purposes of the farmhouse. The lender will not be able to put a value on the commercial portion of the properties.
- Mobile homes: VA loans can be used to purchase some mobile homes, but not RVs and houseboats. You should check in with your local lender to determine eligible homes.
With VA loans, individuals who have to relocate due to their MilPCS order can easily buy the home of their dream. If you need more help finding VA lenders, or if you simply have questions regarding MilPCS, don’t hesitate to give us a shout! We will definitely be happy to provide assistance.