10 things you need to know about VA Loans

VA loans come with no down payment, competitive rates, and no private mortgage insurance. The VA loan program is a great program that has allowed more than 21 million veterans and active military families to purchase homes since 1944. However, there are some restrictions and things you need to know about VA loans.

  1. VA Loans are reusable. If you lost a VA loan to foreclosure, defaulted on a VA loan in previous years, or if you currently have a VA loan, you may be able to obtain another one. And, you can use your full VA entitlement over and over again as long as you pay off the loan each time. There are instances when VA borrowers have two or more VA loans active at the same time.
  2. VA loans are only for primary residences. You cannot use a VA loan for the following:
    • Purchase a home in a foreign country
    • Business loans
    • Investment property
    • Farm land where there is no residence occupied as a home by a veteran
    • Purchase a second home
    • Vacant land
    • Co-ops
  3. Types of property eligible for VA Loans:
    • Condominiums and town-homes
    • Mobile homes, also known as manufactured homes
    • Prefabricated or modular homes
    • New construction homes (with at least one-year warranty and must be VA-approved)
  4. VA Loans are not issued by the Veterans Administration – they are guaranteed by the VA for typically up to a quarter of the loan amount.
  5. You may still be eligible for a VA loan despite bankruptcy or foreclosure.
  6. You won’t need to purchase private mortgage insurance (PMI) because your loan is backed by the federal government.
  7. You will need to pay a mandatory VA Funding Fee. The purpose of this fee is to keep the VA program going and is required to purchase and refinance loans. The fee is typically 2 percent and can be rolled into the loan amount. If you have a service-connected disability, this fee may be waived entirely.
  8. There are co-borrower limits.
  9. VA loans don’t have a prepayment penalty. This means you can save tones of money in interest by making extra payments any time you choose.
  10. You may be eligible for a VA loan with a credit score of just 620.

If you have questions about VA loans, mortgages or need assistance with relocating or the purchase or sale of a home in Alaska, contact Military Movers at 907-622-5000.

Moving Checklist: One Week before PCS Move

With just one week to go before your PCS move, you likely have everything packed and ready to go.  And you may be a little bit excited and anxious about your move.  As the time winds down, there are a few last-minute items on our checklist to help you with your transition to your new location.

One Week Before PCS Move:

  1. Make copies of your important documents and keep them in a safe place
  2. Purchase Ziploc bags in different sizes to pack any small items you have leftover such as screws and bolts, and other times you may have thrown loosely into a small drawer like batteries, toothpicks, condiment packages, etc.
  3. Take down your surround-sound system and television(s) and pack them up.
  4. Pack up any small appliances
  5. Pack up or give away any food you don’t plan on taking with you to your new location
  6. Drain:  garden hoses, oil and gas from lawn mowers and gas operated tools
  7. Disconnect spark plugs from any motors you will be transporting
  8. Dispose of any flammable items:  cleaning fluids, acids, ammunition, paint thinners, etc.
  9. Leave out last minute cleaning supplies that will be used to clean up after everything has been packed up and ready-to-go.
  10. Backup any important information from your desktop computers onto a portable hard-drive.  This can be a flash or jump drive with adequate memory.
  11. Remove any wall accessories such as pictures, portraits, drapery rods, etc.
  12. If you have a safety deposit box, close it out.

Military Movers is dedicated to helping military families relocate, sell, and purchase real estate.  We are military families helping military families find both permanent and temporary housing.  When you need help, give us a call 907-622-5000 or contact us via email.