VA loans are powerful tools for service members to purchase homes and offer a number of significant advantages. There is no required down payment for a VA loan, favorable interest rates are available, and credit requirements are more relaxed than with traditional loans. You can take advantage of the VA loan program while you are active-duty or after you have completed your service. Yet, VA loans also have some unique, complex rules, so it's important to understand how the process works. Our REALTORS® are here to help, with four tips for buying a home with a VA loan.

1. Learn the Requirements of VA Loans
   VA loans were designed to help military members find permanent homes, for themselves and their families. The advantages of the VA loan program are all geared toward that goal, rather than purchasing investment or vacation properties, so it's important to keep the focus on homes that qualify for a VA loan. The VA loan program is available to service members who have served 90 consecutive days on active duty during war-time, or 181 days of active duty during peace-time. As long as you meet those requirements and focus on finding a primary residence, the VA loan program may be a great fit for your real estate needs.  
   
   
2. VA Loans are Versatile
   While the primary focus of VA loans is helping veterans find permanent homes, there are many different ways that the program can help you accomplish those goals. In addition to helping purchase a home or condo, VA loans can be used to refinance a current mortgage, repair or improve an existing home, or even add an efficient, solar energy system. The VA also requires strict inclusivity rules for lenders, so that every member of the service has the same opportunity to take advantage of the VA loan program. If you have specific questions about what a VA loan can be used for, your real estate agent is a great person to ask.
   
   
3. Understanding MPRs and Finding a Home that Fits
   The VA loan offers many unique advantages, so it's no surprise to learn that there are also some unique requirements when shopping for a home with a VA loan. Minimum Property Requirements govern the type of home that can be purchased with a VA loan and are put in place to help veterans purchase homes that will hold up for the long haul. So a home purchased with a VA loan needs to be a residential property, with updated sewage and water systems, ample living space for residents, an effective HVAC system, and healthy architectural infrastructure.
   
   
4. The Right Real Estate Agent Makes All the Difference
   Since VA loans can be more complex than traditional loans, it really helps to work with a real estate agent who understands both the needs of veterans and the requirements of the VA loan program. The right real estate agent will be able to answer all of your VA loan questions and connect you with a lender who has a history of providing VA loans. Finding a veteran-friendly real estate agent is one of the best ways to simplify the process of securing a VA loan, and find the right home, for the right price, at the right time.

Are you looking to get started with a VA loan of your own, and searching for a veteran-friendly real estate team that understands your needs? Contact Wright-Patt Realty to buy and sell homes throughout the Beavercreek, OH area.