What is a VA home loan?
One of the benefits that the U.S. Department of Veterans Affairs extends to veterans, Servicemembers, and surviving spouses is the opportunity to obtain a home loan without having to make a downpayment or obtain private mortgage insurance. Each year, thousands of Servicemembers, Veterans, and their families can take advantage of this opportunity and purchase a home. The other benefits include the following:
- The Interest Rate Reduction Refinance Loan, which allows applicants to obtain a lower interest rate. In addition, users can refinance their current VA loan.
- Veterans who are permanently and totally disabled as a result of their military service can obtain an Adapted Housing Grant, which can help build a home that meets the needs of their disability. It can also help modify an existing home to allow for accommodations.
- Eligible Native American veterans can apply for the Native American Direct Loan Program, which helps finance the improvement, purchase, or construction of a home that is located on Federal Trust Land. It can also help an individual lower the interest rate on a VA loan.
It is also important to be aware that certain states allow veterans to be exempt from property taxes.
If you need an attorney for the purchase of a home with a VA loan, contact our firm today.
Joseph Gachko, Esq. is an experienced New Jersey attorney who can assist you in any of your estate or real estate-related legal matters. If you require legal counsel for your real estate matters, please contact The Law Office of Joseph Gachko today to set up a consultation.