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.