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7 lesser-known features of VA loans

7 lesser-known features of VA loans

The Department of Veterans Affairs (VA) offers special benefits to those who have served in the armed forces. One of the benefits is VA loans—low-interest loans meant for eligible military personnel, veterans, and their spouses. The loans can help the beneficiaries become homeowners. There are several other features of these loans that even eligible veterans may not know, which stops them from applying for VA loans and making the most out of this benefit.

1. No down payment requirement
Arguably, the best feature of VA loans is that one does not have to make a down payment on a home to get a VA home loan. Often, one may have to shell out tens of thousands of dollars to secure the loan and be able to buy their dream home. VA loans eliminate the need for arranging down payment money, so VA loan beneficiaries do not have to put off buying a home. This benefit of VA loans speeds up the process of buying homes.

2. Lenient credit score guidelines
A major loan deterrent for many is their creditworthiness, which is determined by their credit score— a number that takes into account one’s credit history, loan repayment history, and how promptly debts are repai. A good score indicates to the lender that the borrower will be able to repay the loan. So, a poor credit score can come in the way of loan approval. However, those who are eligible for securing a VA loan do not have to worry too much about this number, as VA loans do not have strict minimum credit score guidelines. So, it might be easy to secure a VA loan with a low credit score.

3. Re-usable benefit
The VA home loan benefit is not a one-and-done option. Instead, one can opt to use it as many times as they want. For example, if one had earlier purchased a home using a VA loan and now needs to sell it, they can do that and pay off their VA loan. Then, they can buy another home and re-use the VA loan benefit to finance the purchase. While one can have only a single VA loan at a time, if they pay it off, they can use the benefit again.

4. No expiry date
One needs to secure a Certificate of Eligibility to become eligible for VA loans. Once they do that, the benefit never goes away. Even if one last served in the military 50, 60, or 70 years ago, they can still buy homes using the VA loan benefit. So, if one did not use the benefit soon after leaving the service, they can utilize it decades down the line without worrying about its expiry date. All one has to do is establish eligibility and credibility while applying for a VA loan. The overall eligibility is determined based on the amount of time they served in the military rather than how long ago they served. Additionally, details such as the period one served in, i.e., wartime or peacetime, whether they are active-duty military personnel, veteran, or spouse of a veteran, details regarding the property that one wants to buy, and other specific criteria set by the lender.

5. Access not limited to veterans
This may come as a surprise, but the VA loan benefit is not limited to just veterans. It is valid for a majority of active service members of the military, National Guard, National Reserves, and other branches. Additionally, certain surviving spouses can apply for VA loans. Also, spouses of prisoners of war or service members who are missing in action are also eligible to get a VA loan.

6. Issued by local lenders
One may think that as the loan is offered by the Department of Veterans Affairs, the role of a lender is not entirely important. However, VA loans are unlike other federal benefits. They are issued through private banks, credit unions, or mortgage companies. So, it is critical to select the right lender to get a VA loan. These local lenders can set terms and offer varying features and perks. So, one needs to explore all options and compare the terms, including the interest rates, set by multiple lenders before choosing the one that seems the best. The chosen lender should offer a low-interest VA loan that aligns with one’s requirements. Also, one must choose a lender that is reliable and has lenient terms that make loan repayment easier and smoother. That’s why one should avoid settling for the first lender they find without exploring other options.

7. Government-insured loans
VA guarantees that a portion of the loan will be given back to the lender. This is done as a precaution just in case the borrower defaults on their loan payments. The fact that the government backs these loans gives lenders the confidence to offer loans with low interest rates to veterans. In turn, the great terms on VA loans encourage borrowers to utilize this benefit and be able to repay the loan and pay interest amount promptly. 

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