Got Questions About the VA Loan? Diditan Financial Has Answers.
Questions About VA Loans
The United States does not have mandatory military service; those who enlist do so for the love of country, and to broaden their horizons and get a head start in life. So long as a veteran has served his or her appropriate term of active service, or was honorably discharged, they will be entitled to a number of benefits non-servicemen don’t qualify for. One such benefit is an affordable home loan backed by the government known as the VA loan. Diditan Financial is regarded as the best VA home loan company because one of the many services we provide is assisting our veterans in getting the best VA home loans that offer low rates and favorable terms.
There are a lot of misconceptions surrounding VA loans, and lots of people are looking for direct answers to common questions. Here are some to help you better understand your options.
How Many Chances do You Get to Use your VA Loan Benefits?
Veterans are entitled to utilize their VA loan benefits throughout the duration of their life, and for as many times as they wish. There is no limit as to how often it can be used.
Can a VA Loan be Used for More than Buying a House?
In addition to buying a home, a VA loan can also be used to re-finance a house. it can also be accessed to make improvements on a home such as updating the kitchen, replacing old moldy carpet with hardwood flooring, or putting in a new heating and cooling system.
What is the Limit on a VA Loan?
The limit on a VA loan can be as high as $1,000,000.00. One of the biggest misconceptions about the VA loan is that it is only suitable to finance a starter home. In reality, a VA loan can be used to get a luxury property depending on the home’s location. In other words, a million dollar home in West Hollywood won’t get you what most would call a “luxury home”, but if you pay that price out in Waco, Texas you will get quite the mansion!
How Long Does it Take to Close a VA Loan?
VA loans can be processed and closed in no time! Another myth about VA loans is that they take a long time to process and can really drag out over time. However, our Diditan Financial experts are able to process VA loans as quickly as we close out traditional home loans.
Is the Upfront Funding Fee on a VA Loan Expensive?
Not at all; the upfront funding fee on a VA loan is very affordable. In fact, VA loans are almost always cheaper in cost than a conventional loan or a FHA home loan.
Can Widows of Deceased Veterans Use the VA Loan?
So long as they haven’t re-married, widows of fallen veterans can finance a home through the VA loan if the veteran died while serving in active duty, or passed away due to an injury sustained while actively serving.