VA Loans…are you eligible? – Lindsay Fricks Group

VA Loans...are you eligible?

By LINDSAY FRICKS

Memorial Day is the 3-day weekend that marks the unofficial start of summer. Growing up, I thought it was an extended celebration of my birthday which typically falls during or around the long weekend. However, Memorial Day is truly dedicated to celebrating and honoring all the fallen of our American Armed Forces. As the wife and step-daughter of US Army veterans, I wanted to focus this week’s blog on VA Loans.

My husband and step-dad both qualify for VA loans, but neither have ever exercised their benefit. I was shocked to know they never thought they were eligible or what that benefit meant to them…say what??? So, let’s just clear that up really quick….

ARE YOU ELIGIBLE?

Of course, there is a military service requirement to get a VA Loan. In order to qualify for a Certificate of Eligibility for a VA Loan one of the following must be met:

Active Duty
- 90 days of active duty
Reserve or National Guard
- Six creditable years and you were either discharged honorably, placed on the retired list, or were transferred to the Standby Reserve.

Jason served six active and two inactive years in the Indiana National Guard. He didn’t realize that his service would qualify for his Certificate of Eligibility. You can bet we will be considering going this route for our next home purchase.

WHY WOULDN’T I JUST GET A REGULAR LOAN?

There are several advantages with a VA loan versus going with a private lender. With a VA loan, the US Government insures the loans which gives the borrower some definite advantages. Here are some of the top perks:

Zero down payment- so long as purchase price doesn’t exceed appraised value
Better terms and lower interest rates
Borrow up to the county loan limit with no down payment
- For Maricopa County thats $484k with no down payment on a Single Family Home
- Duplex, Triplex and Fourplex properties also count so long as you live in one of the units
No mortgage insurance- typically required with less than 20% down with another type of loan
Less cash required to close
No penalty if you are to pay the loan off early

WHAT’S THE CATCH?

Rarely are there good things in life without any strings attached. Here’s what else you need to know about VA backed loans:

You can only have one VA loan at a time, but the benefit can be used multiple times as you sell and buy homes in the future
The property must be your primary residence
You still have to qualify for your lenders standard of credit and income
Children or other family members do not qualify; only the enlisted or veteran

I have the deepest respect and gratitude for our military forces. It would be my honor to guide anyone who has defended our country through the path to home ownership. If you think you might qualify, please reach out so I can put you in touch with my VA loan specialist.

Have a SAFE and BLESSED Memorial Day!

Spread the word

2 Comments

Evan Einhorn May 22, 2019 at 5:37pm

I agree!!! Way too many veterans skip over this amazing benefit. There is a way to get two VA loans and there is a calculation they use to see how much they’re eligible for. Sometimes a small down payment is needed.
1. McKenna May 22, 2019 at 7:20pm
  
  You’re the best, Evan! I love working with lenders that are passionate about supporting our Veterans!