3 Things Most People Don’t Know About VA Loans

3 things most people don't know about va loans - 30a homes for sale

If you’re a veteran of the U.S. Armed Forces, whether you’re buying a luxury home for sale in Alys Beach, a single-family home for sale in Blue Mountain, or a condo for sale in Destin, here’s what you need to know about VA loans.

3 Things Most People Don’t Know Abut VA Loans

You Can Reuse Your VA Loan Benefit

Yes, it’s true. Borrowers who have earned this benefit have earned it for life.

VA Loans Are Assumable

The veteran is able to sell the property to someone who will assume the loan and take over payments. Lenders and/or the VA approves the loan assumption. Loans that were closed prior to March 1, 1988, may be freely assumed without approval from the lender or the VA. In these cases, the veteran is also encouraged to request a release of liability from the government in order to avoid owing money in the future in case the person assuming it fails to pay.

Some Spouses and Dependents Qualify for VA Loans

Some spouses or dependents of veterans qualify for a VA loan. An unmarried surviving spouse of a veteran who died during active duty is eligible for the home loan benefit. In addition, if a veteran passes away as a result of a service-related disability or injury, their spouse is eligible to receive benefits through the existing VA loan.

ARE YOU BUYING A HOME IN DESTIN or a Nearby Community?

If you’re buying a home in Grayton BeachPanama City BeachDestin, or any of the surrounding communities, we’d love to help you find the perfect place.

Call us at 850-213-3048 or get in touch with us online to let us know what you’re looking for. Our expert 30A real estate agents will start searching for your dream home right away.