VA Loans: What you need to know
May 22, 2020
Happy Memorial Day! This weekend is all about honoring our military. At Semper, we value veterans and your sacrifice to our country, so we want you to understand the loan options available to you. As a veteran founded company, and a veteran employer, we strive to make the home buying dreams of those who have served a reality.
Do I qualify?
You may qualify for a VA loan if:
- You have served 90 consecutive days of active service during wartime, OR
- You have served 181 days of active service during peacetime, OR
- You have 6 years of service in the National Guard or Reserves, OR
- You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
What do I need?
You will need a document from the Department of Veteran Affairs, called a Certificate of Eligibility, which determines your eligibility for a VA loan based on your military service. Don’t have a COE? We’ll help take care of that for you.
Can I refi a VA loan?
Yes, you can! If you’re looking for a cash out refinance or to take advantage of low interest rates, you can do that through Semper.
What if I’ve had a VA loan before?
If you have already used your entitlement (in other words, the amount the Department of Veteran Affairs will guarantee on your loan), you may be able to restore it if you meet one of the below requirements:
- You’ve sold the home you bought with the prior loan and have paid that loan in full, OR
- A qualified Veteran-transferee agrees to assume your loan and substitute their entitlement for the same amount of entitlement you used originally, OR
- You’ve repaid your prior loan in full, but haven’t sold the home you bought with that loan (you can only do this one time)
Benefits of a VA loan
VA Loans typically offer no down payment and lower interest rates, which can make your payment more manageable and save you money! And unlike many other no or low down payment programs, you can save every month by not having to pay private mortgage insurance (PMI) on your home.
*for more details on 2020 changes to VA loan limits and funding fees, please visit https://semperhomeloans.com/loan-limits-be-gone-whats-new-in-2020-for-veterans/
Categories: VA Home Loans