Home : Finance : 7 Lesser-known Features Of VA Loans

7 lesser-known features of VA loans

7 lesser-known features of VA loans

The Department of Veterans Affairs (VA) offers special benefits to those who have served in the armed forces. One of the benefits is VA loans—low-interest loans meant for eligible military personnel, veterans, and their spouses. The loans can help the beneficiaries become homeowners. There are several other features of these loans that even eligible veterans may not know, which stops them from applying for VA loans and making the most out of this benefit.

1. No down payment requirement
Arguably, the best feature of VA loans is that one does not have to make a down payment on a home to get a VA home loan. Often, one may have to shell out tens of thousands of dollars to secure the loan and be able to buy their dream home. VA loans eliminate the need for arranging down payment money, so VA loan beneficiaries do not have to put off buying a home. This benefit of VA loans speeds up the process of buying homes.

2. Lenient credit score guidelines
A major loan deterrent for many is their creditworthiness, which is determined by their credit score— a number that takes into account one’s credit history, loan repayment history, and how promptly debts are repai. A good score indicates to the lender that the borrower will be able to repay the loan. So, a poor credit score can come in the way of loan approval. However, those who are eligible for securing a VA loan do not have to worry too much about this number, as VA loans do not have strict minimum credit score guidelines. So, it might be easy to secure a VA loan with a low credit score.

3. Re-usable benefit
The VA home loan benefit is not a one-and-done option. Instead, one can opt to use it as many times as they want. For example, if one had earlier purchased a home using a VA loan and now needs to sell it, they can do that and pay off their VA loan. Then, they can buy another home and re-use the VA loan benefit to finance the purchase. While one can have only a single VA loan at a time, if they pay it off, they can use the benefit again.

4. No expiry date
One needs to secure a Certificate of Eligibility to become eligible for VA loans. Once they do that, the benefit never goes away. Even if one last served in the military 50, 60, or 70 years ago, they can still buy homes using the VA loan benefit. So, if one did not use the benefit soon after leaving the service, they can utilize it decades down the line without worrying about its expiry date. All one has to do is establish eligibility and credibility while applying for a VA loan. The overall eligibility is determined based on the amount of time they served in the military rather than how long ago they served. Additionally, details such as the period one served in, i.e., wartime or peacetime, whether they are active-duty military personnel, veteran, or spouse of a veteran, details regarding the property that one wants to buy, and other specific criteria set by the lender.

5. Access not limited to veterans
This may come as a surprise, but the VA loan benefit is not limited to just veterans. It is valid for a majority of active service members of the military, National Guard, National Reserves, and other branches. Additionally, certain surviving spouses can apply for VA loans. Also, spouses of prisoners of war or service members who are missing in action are also eligible to get a VA loan.

6. Issued by local lenders
One may think that as the loan is offered by the Department of Veterans Affairs, the role of a lender is not entirely important. However, VA loans are unlike other federal benefits. They are issued through private banks, credit unions, or mortgage companies. So, it is critical to select the right lender to get a VA loan. These local lenders can set terms and offer varying features and perks. So, one needs to explore all options and compare the terms, including the interest rates, set by multiple lenders before choosing the one that seems the best. The chosen lender should offer a low-interest VA loan that aligns with one’s requirements. Also, one must choose a lender that is reliable and has lenient terms that make loan repayment easier and smoother. That’s why one should avoid settling for the first lender they find without exploring other options.

7. Government-insured loans
VA guarantees that a portion of the loan will be given back to the lender. This is done as a precaution just in case the borrower defaults on their loan payments. The fact that the government backs these loans gives lenders the confidence to offer loans with low interest rates to veterans. In turn, the great terms on VA loans encourage borrowers to utilize this benefit and be able to repay the loan and pay interest amount promptly. 

Most Popular

Important things to know about kidney problems

Important things to know about kidney problems

Kidney diseases are some of the most common and life-threatening conditions that affect patients worldwide. These diseases lead to kidney function failure over time. It can be caused by various factors, including environmental toxins, genetic predispositions, and unhealthy lifestyle choices. Kidney disease can lead to severe health complications such as acute renal failure (ARF), chronic kidney disease (CKD), or chronic renal failure (CRF). A healthy kidney is a sign of a healthy body and lifestyle. The function of the kidney The kidney is an essential organ that performs many functions in the body. It filters the blood, removes waste products and excess water from the body, and helps maintain a person’s balance of electrolytes like sodium and potassium. Kidneys help maintain their normal levels of salt concentration which is essential for the proper functioning of every cell tissue in the body because, without adequate amounts of salt, no cells can function properly. The kidney also plays a vital role in regulating blood pressure and volume by keeping them at appropriate levels through urine production. The kidneys also regulate fluid balance in your body by removing excess water from urine and adding extra water into the urine when necessary for your body tissues not to be dehydrated.  Kidney failure is when a person’s kidneys cannot function properly due to disease or injury; this condition can be fatal if left untreated.
Modifying homes for people with poor vision

Modifying homes for people with poor vision

One of the top reasons for low vision and blindness in people over 55 is macular degeneration. Macular degeneration causes loss of vision due to damage to the macula in the retina of the eye. It can be difficult for people with this condition to live in inaccessible homes. So, to ensure ease of maneuverability for people with macular degeneration or similar conditions, here are 13 tips to make a home low-vision friendly. Use clear and contrasting colors for walls The key to making a low-vision-friendly home is using light and dark colors. Dark colors can be complex for those with low vision, but if used intelligently, it can make all the difference. The answer lies in how light reflects off certain surfaces. If you have a bright yellow wall with black trim around it, then any space adjacent to it will be illuminated by daylight coming through windows above them. Contrasting shades like white or black help keep things cooler by reflecting out more heat than they receive from direct sunlight. Place essential items in your line of sight Ensure that important items, such as mobility aids, phones, and other necessities, are within your line of sight and not obscured by something else in the room.
Key things to know about macular degeneration

Key things to know about macular degeneration

Macular degeneration is an eye disorder that affects the macula, a tiny part of the retina that provides sharp central vision. The most common kind of this disease is age-related macular degeneration (AMD), which affects many people in our country over 60 years. While there is no cure for macular degeneration, several treatments and lifestyle changes help manage the symptoms and improve your vision so that it does not interfere with everyday life. What are the types of macular degeneration? There are two common types of the condition: Wet or exudative macular degeneration This is the more common type. It occurs when the tiny blood vessels in front of your retina get damaged and leak fluid into your eye, causing swelling, redness, and dampness. The condition can affect your central vision and cause blurry patches in the center. Central vision is the area you see directly in front of you. Dry or atrophic macular degeneration Also known as senile macular degeneration, this condition occurs when the retina does not receive sufficient oxygen due to damage from aging; it results in a breakdown of the central part of the retina (the photoreceptors). What causes this eye disorder? The risk factors include genetics and lifestyle ailments, such as high blood pressure, high cholesterol levels, and diabetes.
Nasal polyps – Symptoms, causes, and management

Nasal polyps – Symptoms, causes, and management

Nasal polyps can be a symptom of an underlying condition or occur independently. The visible signs and symptoms of nasal polyps include congestion, runny nose, loss of smell, and pressure or pain around your eyes and cheeks. A deviated septum may contribute to nasal polyps. However, they can also occur in people who do not have this condition, such as athletes who blow their noses frequently during exercise routines. Read on to learn more about nasal polyps. What are nasal polyps? Nasal polyps are small, soft growths that develop in the lining of the nasal passages and sinuses. They are also sometimes called nasal tumors or nasal corking. They are not cancerous, contagious, or caused by allergies. Nasal polyps may also be associated with other conditions like chronic rhinosinusitis (CRS), allergic rhinitis (AR), chronic sinusitis (CS), and asthma. Nasal polyps typically develop before the age of 40, and they do not usually cause symptoms until they grow larger or become inflamed or infected.  However, large nasal polyps can block airflow through your nose. If this happens, you may experience sinusitis, headaches, and a stuffy or runny nose. You may also experience difficulty breathing through one nostril at a time if large polyps block the other nostril completely.
Atopic dermatitis – Causes, symptoms, and more

Atopic dermatitis – Causes, symptoms, and more

Atopic dermatitis (eczema) is a disorder that results in dry, irritable, and inflammatory skin. Though it can affect anyone, young children are more vulnerable to this disorder. The symptoms include recurring (chronic) and sporadic flare-ups, though it is not contagious. Atopic dermatitis patients risk contracting asthma and seasonal and food allergies. Regular moisturizing and skin disease condition-related treatments help alleviate itching and prevent further outbreaks. Using medicated lotions or ointments during treatment is also helpful. Symptoms Depending on an individual’s age, the severity of the condition, and other circumstances, symptoms of atopic dermatitis may vary. Those who have the condition typically experience phases of worsening symptoms, followed by times of improvement or even complete disappearance. The following sections will cover some likely variances in symptoms in more detail. General eczema symptoms Eczema symptoms are usually not severe. The most common signs and symptoms of atopic dermatitis include dry, itchy skin, skin flushing, or weeping sores.  Individuals with severe eczema skin disease may need more intensive care to eliminate their problems. Infections of the skin can also result from persistent touching and scratching. The appearance of the skin area afflicted by atopic dermatitis will vary depending on the frequency of itching and infection.

Popular Articles

Afib – Types, causes, symptoms, and management
Health
01

Afib – Types, causes, symptoms, and management

Atrial fibrillation (Afib) occurs when the usually stable and regular electrical impulses in the heart’s upper chambers (atria) begin firing chaotically, causing them to quiver or twitch (fibrillate). This can cause blood accumulation and clotting in the atria. These clots can reach the lungs through the blood vessels and cause pulmonary embolism or can reach the brain, resulting in a stroke. Let’s look at the forms, signs, and causes of Afib and its treatment options: Types of atrial fibrillation Afib can be classified as one or more of these: First-diagnosed Afib: Regardless of symptoms or the number or length of episodes, this refers to individuals diagnosed for the first time with Afib. Asymptomatic Afib: This condition is also called silent Afib, given the lack of signs or symptoms. A random electrocardiogram (ECG) could reveal asymptomatic atrial fibrillation. Paroxysmal Afib: Two or more episodes of the conditions that spontaneously resolve within a week are categorized as paroxysmal Afib. Persistent Afib: This refers to two or more episodes of atrial fibrillation that last seven days or more. Long-term persistent Afib: If the condition persists for more than a year, it is referred to as long-term persistent Afib. Permanent Afib: This is a chronic condition that cannot be managed using common treatment options.
Read More
How to reduce sugar intake and manage blood sugar
Health
02

How to reduce sugar intake and manage blood sugar

It is a known fact that too much sugar can be devastating for your health. When blood sugar is high, the body produces more insulin, which can lead to several health complications, including prediabetes and diabetes. So, you must cut down on sugar. Choosing healthy snacks and increasing fiber and probiotic intake can help. Moreover, regular exercise is essential. Here are a few tips to lower sugar intake and manage blood sugar levels naturally. Avoid carbohydrates A high intake of carbohydrates has a substantial impact on blood sugar levels. The body breaks down carbohydrates into sugars like glucose, which enters the blood. While the body requires glucose for energy, an excess can be harmful. As the amount of glucose increases, so does the amount of insulin produced by the body, leading to a greater risk of lifestyle disorders. Some foods with an abundance of carbs to stay away from are potato chips and donuts. Control your portion size If you are dealing with frequent blood sugar spikes, monitoring portion size can help. When you eat a large meal, blood glucose increases suddenly. To avoid this, eat smaller meals. You can opt for five to six small meals per day instead of two or three large ones.
Read More
11 management options to keep anxiety at bay
Health
03

11 management options to keep anxiety at bay

People with anxiety disorders regularly and excessively experience fear and panic in everyday situations. If unchecked, anxiety can impair normal functioning and degrade the quality of life. One must consult a health expert if anxiety is affecting their social life. But first, ensure that any physical health issues are ruled out before consulting them. Most individuals with anxiety disorders need medication or therapy, but coping strategies and lifestyle decisions can also be helpful. Stop and take a breath When you experience an anxiety episode, take a moment to think about what is making you feel uneasy. Usual anxiety symptoms include concerns about a recent or distant event. For example, you can worry that something wrong will happen to you in the future. Or, you can still be upset about something that has already happened in the past. But, whatever your concerns, most anxiety issues stem from not focusing on the present. The next time you feel nervous and get distracted from the present moment, sit down and take some deep breaths to reclaim your composure. You can regain balance and return to the present moment by pausing and taking a few deep breaths. If you have the time, consider advancing this practice by experimenting with breathing techniques.
Read More