For U.S. military veterans, there are many financing options available for buying a home. What's typically called simply a "VA loan" can actually mean multiple specific types of loan. Depending on your situation, you might find one more helpful than the other. Here is a basic guide to the different types of loans available to veterans:
VA No-Down-Payment Loans
Loans offered by the VA are the only government-backed mortgages without a down payment requirement. With can save you thousands of dollars regardless of income or credit history. In some cases, you can combine a VA loan with your entitlement bonus to save even more.
VA Supplemental Loans
Supplemental loans are there to help you with home maintenance projects. The VA offers supplemental loans to qualified borrowers and will allow you to add the amount to your current loan or take out a separate loan depending on your preference.
VA Renovation Loans
Renovation loans are perfect for veterans who want to buy a fixer-upper and finance the remodeling and repair expenses. A VA renovation loan will help you do exactly that--plus, you can usually finance up to the entire value of the home, which is more than other types of home improvement loans allow.
VA Energy-Efficient Loans
The VA offers special mortgage programs to promote installation of green systems or appliances. You can finance several thousand dollars worth of expenses for installing features like solar panels, tankless water heaters or low-flow plumbing fixtures. Not only will this kind of loan help you with the upfront costs, you'll end up saving money on your utility bills going forward.
VA Construction Loans
Similar to renovation loans, construction loans from the VA will help you build a brand new house without a down payment. This type of loan comes in two types depending on logistics. One option combines the coverage for building the house and the ongoing loan, while the other splits it into two separate loans. Consult with a financial advisor or VA lender to determine which option works best for you.
About the Author
Wendy Wiegand
As a premier real estate agent in Carlsbad, I’m here to provide you with all the resources and information you need to buy or sell real estate. I work with buyers and sellers in Carlsbad, Encinitas, Oceanside, San Marcos, Vista and the surrounding areas and I’ve had extensive training in the latest real estate marketing strategies. I’m confident that I can offer you knowledge and tools most other agents can’t.
I believe in service, both to my clients and our community. When working with clients, you can be assured I am focused on providing the most comprehensive and dedicated effort so that you can achieve the best results possible when buying or selling real estate. I am also deeply involved in serving our community, as you and I all call it home. I have been a member of Rotary since 2003, have been an active member of the Carlsbad Chamber of Commerce since 2006, and serve on the board of the Agua Hedionda Lagoon Foundation. Perhaps my even deeper service to my clients and our community is Wiegand Realty’s participation in Business for a Cause.
Contact me so I can keep you updated on the latest real estate activities in our community and answer any questions you may have.
Thanks and I look forward to assisting in all of your real estate needs!
Check out all my Client Reviews at Rate My Agent - https://www.ratemyagent.com/real-estate-agent/wendy-wiegand-bk497/sales/reviews