Getting to know VA renovation loans is one of the key things towards getting your own home. You need to have all the information about VA loans in order to benefit from it.
The problem with this kind of loan is that many people don’t know if it exists or how it works. Thanks to the social media like Facebook, Instagram, and Twitter which helped to publicize about the VA loans. The housing market also played a key role in making people aware of this loans.
However, this kind of loan is not the best option for all veterans. There are many kinds of loans which one can use to finance their property, but VA loans are worth using compared to other types of loans.
Here are top 5 facts about property finance.
Many veterans still don’t know about VA loans
Even though the department of veterans affairs has made tremendous efforts to make veterans aware of the existence of VA loans, many of them are still in the dark. VA surveys done recently show that thirty percent of veterans buying homes don’t know about this loans. This, therefore, means that there is a gap in awareness about the benefits of this loan.
Half of all VA loans are refinanced loans
There are types of VA home loan programs refinancing. There are those who currently have VA loans and those who want to refinance an existing mortgage into the VA loans program.
Low mortgage rates
Veterans, military personnel, and their families enjoy the low mortgage rates of the VA renovation loans when purchasing a home. Different from other loans, VA loans can provide you with a full amount to buy a home or provide you with a full amount to meet the cost of repairing and other house expense.
When you are under this program, you will be able to save a considerable amount of money compared than when you are using a different type of property refinancing loan. This loan enables you to buy and own fully own a home at a very low interest rate.
Whether you are buying a home or you are doing some repairs, this type of loan will fully finance your project. You will be able to get all the money that will fully finance the project that you are undertaking. You can, therefore, see that this loan is very different from the other types of loans. Other loan types only finance a certain percentage of the expense of purchasing or renovating a home. The rest of the expenses will be met by you.
Veteran who’ve experienced bankruptcy or foreclosure can still qualify
One of the disadvantages of being declared bankrupt is that your credit score goes down that you will not be able to be eligible for loans from the banks. With VA loans, you will be able to qualify for home loans even if you are bankrupt. What happens is that you will have to wait for two years, but the critical thing is that you qualify for the home loan.