Am I better off renting or buying a home?
The decision to rent or buy a home differs for everyone, as there are benefits to both. Buying a home could be a better deal for you depending on how long you plan to live in your home and the loan you choose.
What are the advantages of a home purchase?
A home purchase gives you personal benefits such as a sense of investing in your community and pride for achieving the dream of homeownership. There are some strong financial benefits as well, especially the tax savings you may enjoy. Interest payments on a mortgage are typically tax deductible (consult your tax advisor for more information). As you continue to make mortgage payments, you’ll build home equity, as opposed to paying rent to someone else.
What is a VA Loan?
VA helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.
What are the benefits of a VA loan?
VA loans allow those who have served in the U.S. military or are presently serving to buy a home with up to 100-percent financing.
Can I get a VA loan for a condo, or just a single family home?
Yes, you can get a VA loan for a condo, but the VA must approve the condo project. The agency maintains a database of pre-approved condos, and if the condo you want isn’t on this list, you’ll need to work with your lender to get the condo you want to buy approved. This process can add considerable time to a home purchase transaction, so make sure you do this research before writing an offer, and make sure your real estate agent is aware you’re getting a VA loan.
Who is eligible for a VA loan?
Those eligible for VA loans include:
Veterans Active duty service members
Current or former National Guard or Reserve members who have been activated
Federal active service Current National Guard or Reserve members who have never been federal active service
Discharged members of the National Guard who have never been activated for federal active service
Discharged members of the Selected Reserve who have never been activated for federal active service
Surviving spouses in Receipt of Dependency and Indemnity Compensation (DIC) benefits
Surviving spouses who aren’t receiving DIC benefits