A VA loan is a type of mortgage backed by the U.S. Department of Veterans Affairs and is available to current service members, veterans and eligible surviving spouses. VA loans offer several advantages, including no private mortgage insurance (PMI) and no down payment required. When qualifying for a VA purchase or refinance, you need to meet certain minimum residual income requirements based on your requested loan amount, where you will be buying, and how many people will live in the home. Here’s how it works:Read More “Understanding Residual Income for VA Loans”
A recent survey by the National Association of Realtors (NAR) revealed that homeownership rates are higher among veterans and active military than those who have never served, especially within younger age groups. So, why are military personnel outpacing their non-military peers when it comes to owning a home? There are many possible explanations, but the impact of VA Loan benefits is certainly a factor. Of those surveyed by NAR, 54 percent of veterans and 74 percent of active military said they used VA Loans to finance their home purchase.