The U.S. Department of Veteran Affairs offers financing options for first-time homebuyers who've served in the military. Knowing the different kinds of VA loans available will help you determine the best option for your home buying plans. It can also help you prepare for the application process and find your eligibility. Here are the basic types of VA loans to know:
Are you thinking of a fixer upper for your first home? If so, you may want to consider a VA renovation loan. This type of loan will help cover the remodeling and repair costs of your new-to-you home. Also, you can often finance up to 100% of the home's total value, which is more than most home improvement-based loans will allow.
Construction loans are perfect for those wanting to build their first home rather than buy an existing one. The VA offers construction loans to assist with the construction costs. You can get a loan combining the upfront costs with the ongoing mortgage payments, or split it into two separate loans depending on your preference.
Planning green upgrades for your first home is a smart choice when you consider a VA energy-efficiency loan. With this type of loan, you can finance the purchase and installation of major green upgrades. Not only will these upgrades help the environment, they'll help you save money on utilities long after the loan is paid in full.
VA supplemental loans can help first-time homebuyers who face maintenance costs in their first home. You can finance these expenses either by adding a supplemental amount to your existing loan, or by taking out a separate loan.
All of these options can greatly benefit you as both a veteran and first-time homebuyer. Consult with a lender or financial professional to determine which best suits your needs.
Terese Ferrara is a long-time resident of the Bay Area and has been a partner with The Goss Real Estate Group for many years. She and her husband raised their two daughters in San Jose, where she successfully continues to build her real estate career.
After earning a bachelor’s degree from San Jose State University, she went on to teach in the San Jose Unified School District for 9 years. Transitioning to real estate was a logical choice, utilizing her patient demeanor to educate all levels of buyers and sellers. Knowledge and experience demonstrate her vested interest in delivering the highest level of care and professionalism to every client. She consistently strives to exceed her client’s expectations throughout the entire real estate transaction and remains a trusted advisor long after each close.
As a board member on KW Bay Area Estates’ Associate Leadership Council (ALC), she aids in support of culture and professional development strategies for over 180 associates. Terese is also a Director for the Santa Clara County Association of Realtors Foundation, which supports community service initiatives in Silicon Valley.
Terese is the consummate real estate professional dedicated to providing unparalleled service to her clients through ongoing training and education, keeping her on top of the dynamic market and latest real estate trends. Her high-touch approach coupled with honesty and integrity support her commitment to her client’s real estate needs.
