VA Home Loans and How they Work

a little girl in a pink dress twirls with an American flag

Regardless of what you celebrate, this time of year can bring back many happy memories, most centered around the home. The holidays bring so much nostalgia, whether it’s opening presents in a beautifully decorated living room or sitting down to a home-cooked meal in a dining room. We can’t help but turn to daydreams of our own ideal home. But purchasing a home is easier said than done. There are so many steps, and it can be overwhelming for anyone, but for veterans, there are even more hurdles to jump if they purchase their home with a conventional home loan.

Many veterans encounter challenges when trying to buy a home. Because of the frequent moves that accompany careers in the military, veterans need a home loan process that keeps their unique needs and situations in mind. The VA home loan program was created in 1944 but has evolved with the housing market. But what exactly is a VA Home Loan? We’re here to tell you!

What is a Veteran Home Loan?

A VA loan is a special mortgage supported by the United States Department of Veterans Affairs and sourced from privately approved lenders—like banks and mortgage companies. These loans are designed to make homebuying more accessible for veterans, active-duty service members, and military families. Throughout the loan process, qualified loan advisors assist customers in purchasing, refinancing, and retrofitting their homes. 

How Does a VA Home Loan Work?

 A significant advantage of a  VA loan  is that it allows eligible veterans to purchase a home without a down payment as well as no monthly Mortgage insurance.  Not having to spend save and invest money upfront means home buyers can have more control over their budget and most times, purchase a primary home much sooner than they ever thought possible. Borrowers can choose to build wealth for their families, make home improvements, and even save up for their next home purchase since they are likely to move again during their career in the military. A VA home loan can give home buyers space in their budget to afford a home and everything that needs to go inside it.

 Another unique quality of VA home loans is exceptionally competitive interest rates. The VA doesn’t set these rates, allowing home buyers to negotiate them so they can better fit their budget. There are also no prepayment penalties. veterans can pay out their loan faster. No monthly mortgage insurance premium is required which can help homeowners save money every month as well as significant savings over the lifetime of their loan.

VA Loans at Academy Bank 

VA home loans were designed to help veterans make home ownership easier to qualify for and more affordable. Only some banks offer VA home loans, and they can only offer if they are an approved VA lender. Our loan advisors know all the ins and outs of VA loan eligibility requirements, the process, and a deep commitment to our mission to serve those who have selflessly served our country.   At Academy Bank, veterans don’t have to explain their situation because we understand what you’re going through. Want to see if you qualify for a VA home loan? Find a Loan Officer, and we can start the process for you!

Subject to credit approval.  Fees apply.  VA funding fee may apply.  VA loan qualification guidelines apply.

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