Thinking of Buying a Second Home with VA Loan?
Are you thinking of buying a second home with VA loan benefits? You certainly aren’t the first person to wonder whether or not this is possible. After years of military service, you are probably looking forward to getting your own vacation home in an area of the country known for good weather and beautiful countryside! Settling down as you approach retirement or purchasing real estate in an area of the country you’d love to spend time in throughout the year is an admirable vision. Here are some things you need to know.
What is a VA Loan?
Among the benefits offered to American military veterans, our vets are given the opportunity to obtain a mortgage loan that is, ultimately, backed by the U.S. Department of Veterans Affairs. If you are a US veteran, currently on active duty, or a widowed military spouse, this type of loan can help you purchase a home. These aren’t like traditional mortgages since they are guaranteed by the government.
Benefits of a VA Loan
Typically, with a VA loan you won’t be required to have a down payment up front. There are almost always some type of upfront expenses involved but the process for these loans are not the same as a traditional mortgage. Also, the expectations are more lenient when it comes time to determine whether or not you quality for a loan. Also, your credit score has a lower impact, even if your report is less than savory. This makes a VA loan quite appealing for anyone who qualifies.
Know Your Requirements
Just like any VA loan, you need to understand your eligibility and the requirements for financing before your venture begins. There are certainly restrictions and they can change so it’s important to get an expert on board who can walk you through whether or not buying a second home with VA loan money is even an option for you at this time or if you’ll need to table it for a future date.
It is possible, under specific circumstances, to purchase a second home with VA loan dollars or even to get a second VA loan, but it’s not common. Seek out an VA loan expert to help you navigate the ups and downs of this project. We can’t wait to see where you settle down and hope you enjoy your new home away from home. Once you have all the particulars of your VA loan sorted out, come visit us at Diamondhead Resort, outside of Hot Springs, Arkansas, and see if we might be the perfect place to purchase your second home.