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Who is eligible for a VA loan?

Active duty military, military  veterans, National Guard, Reserve servicemembers, and eligible surviving spouses may be able to purchase their dream home using the VA’s home loan program.  It is critical for you to have a team of dedicated and knowledgeable real estate agents and mortgage brokers, like The VA Lady, who understand and care about your ability to use your veteran benefits.

 

What is the maximum amount I can borrow using my VA benefit?

In 2022, the Department of Veteran Affairs eliminated loan amount restrictions. Veterans who have not previously used their entitlement can purchase a home for the amount they qualify for, regardless of price. 

 

Can I have more than one VA loan at the same time?

If you have previously used your VA home loan benefit and sold that property, you can purchase another home using your VA benefit up to the conforming loan limit for your area. If you currently have an active VA loan, you can purchase an additional owner-occupied property using your remaining entitlement. 

 

Can I use my VA to purchase a rental property?

You can use your benefit to purchase an owner-occupied, multi-family investment property between 2-4 units.  The VA loans have favorable terms, including no down payment or mortgage insurance premiums. These loans are not approved by nor is money loan by the Department of Veteran Affairs.  The VA guarantees a portion of a loan to help you buy a home for your own personal occupancy.

 

Can I get money to help modify my home if I have a disability?

Yes! Under the Specially Adapted Housing Grants, certain severely disabled veterans and military personnel can receive grants to adapt or acquire suitable housing.