All About VA Home Loans!

A VA Home Loan is a wonderful benefit that is often not well understood. As the best real estate business at the Lake of the Ozarks, Your Favorite Real Estate Team is here to answer your questions! We are skilled in finding dream homes and helping new home buyers understand the real estate process. Read on to learn more about VA loans, and call today to get started finding your dream home at the Lake!


What is a VA Home Loan?


A VA Home Loan, or a Veterans Affairs Home Loan, is a mortgage loan that is guaranteed by the United States Department of Veterans Affairs. Eligible veterans may participate in the program and receive home financing to purchase a house with no down payment.

Am I Eligible?


To be eligible for a VA Home Loan, an applicant must have served 90 consecutive days of active service during wartime, or have served 181 days of active service during peacetime, or have 6 years of service in the National Guard or Reserves, or be the spouse of service member who has died in the line of duty or as a result of a service-related disability.

How Do I Apply?


To apply, you must complete a form from the VA (called a Request for a Certificate of Eligibility) and submit proof of military service. Your lender could access your Certificate of Eligibility on your behalf using an online system called Web LGY. Ask your lender if they have access and can help you out with the process!


What Can I Use a VA Home Loan For?


A VA Home Loan can only be used to purchase a primary residence. That means you cannot purchase rental property, investment property, vacation homes, etc. using a VA Home Loan. If you are moving to the Lake full-time, this loan type could be a great option for you!

Can I Get Another VA Home Loan?


Second VA Home Loans can be awarded on a circumstantial basis. Namely, if the prior loan has been paid in full and the property has been “disposed of”. There can be a few exceptions, so it is important to speak with your lender about your eligibility.

Can My Children Benefit from a VA Home Loan?


Unfortunately, no. According to the U.S. Department of Veterans Affairs, “The children of an eligible veteran are not eligible for the home loan benefit.” (https://www.benefits.va.gov/homeloans/faq_eligibility.asp) There are also strict rules regarding a surviving spouse of an eligible veteran and their ability to benefit from the VA Home Loan Program.


Your New Home at the Lake


Whether you are moving to the Lake of the Ozarks full-time and using a VA Home Loan, or buying a lakeside cabin to visit in the summer, Your Favorite Real Estate Team has your back! We have a vast inventory of beautiful properties we know you’re going to love. So, give the best real estate team a call! We can’t wait to help you find your paradise.


CONTACT ED SCHMIDT FOR ALL YOUR LAKE OF THE OZARK REAL ESTATE NEEDS
Ed Schmidt, REALTOR
752 Bagnell Dam Blvd. Suite A
Lake Ozarks, Mo 65049
Phone: 573-240-9052
FOLLOW US ON: FACEBOOK | TWITTER | LINKEDIN | INSTAGRAM
Location: VLG OF 4 SSNS, MO 65049, USA

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