As the United States economy continues to improve and more people are buying homes, the mortgage options available to citizens have never been more diverse. There are now all kinds of home loans that are available to citizens that can find out whether or not they qualify.
Since 1944, the VA home loan program has helped over 20 million men and women of the armed services become homeowners after returning from active duty. These are flexible, no-down payment loans that are beneficial for those brave men and women. But not everyone knows what benefits they can offer.
Here are a few things to know about VA home loans:
- Can only be used for primary residences: For the most part, VA loans can only be used for people who are looking for primary residences. There are few exceptions to this rule, so they cannot be used to obtain a vacation home or investment property.
- They are for certain types of homes: VA loans are great for homes that are already in "move-in" condition. A person generally cannot use these loans for homes that need a substantial amount of work done to them.
- The loans are reusable: There is no limit to how many times a person can use their full VA entitlement, as long as the loan is paid off each time it is used. A person is allowed to fill out for these loans as many times as they need, barring a bad financial situation.
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