How To Buy A House Using Va Loan

How to buy your first home with a VA loan?

1 Get a VA-backed home loan to buy your first home 2 Use your VA loan benefit again if you sell or refinance a home you bought with a VA-backed home loan 3 Assume a VA-backed home loan (which means that instead of opening a new mortgage loan, the buyer takes over the seller’s loan)

What can you buy with a VA loan?

If you qualify for a VA-backed purchase loan, you can use the loan to: Buy a single-family home, up to 4 units; Buy a condo in a VA-approved project; Buy a home and improve it; Buy a manufactured home or lot; Build a new home; Make changes or add new features (like solar power) to make your home more energy efficient; You can also:

What happens to my VA loan when I Sell my Home?

Use your VA loan benefit again if you sell or refinance a home you bought with a VA-backed home loan Assume a VA-backed home loan (which means that instead of opening a new mortgage loan, the buyer takes over the seller’s loan)

How much can you borrow on a VA home loan?

With a VA purchase loan, lenders will lend whichever is less between the home's appraised value and the total payoff for the home's construction (and the land loan if that amount isn't included in the construction loan). On a Cash-Out refinance, qualified buyers may be able to borrow up to 100 percent of the home's appraised value.

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