If you’re buying a home in Midland, whether you’re looking for a home for sale in Greenwood ISD, a luxury home for sale in north Midland, or something else, you could be eligible for a VA loan – and if you are, you need to know how it works so you can take advantage of the benefit.
What’s a VA Loan?
A VA loan is a loan backed by the Veterans Administration. The loan doesn’t come from the VA, but the VA guarantees a portion of it so lenders know that if you default on payments, they’re probably not going to lose hundreds of thousands of dollars.
Because the VA backs these loans, lenders are able to give you more favorable mortgage terms.
Who’s Eligible for VA Loans?
Honorably discharged military service members, currently serving military service members, and some qualifying dependents are eligible for VA loans.
What Can You Use a VA Loan For?
You can use a VA loan for a single-family home, a manufactured home or condo, or to build a home. Some people even qualify to use VA loans to buy fixer-uppers to live in and repair at the same time (or to make homes more energy-efficient).
What Are the Benefits to VA Loans?
VA home loans come with several benefits – and one of the biggest is that you don’t need any down payment at all (as long as the home’s sales price doesn’t exceed its appraised value). Additionally:
- You don’t have to buy private mortgage insurance, even if you’re not putting any money down
- The VA limits the amount you can be charged for closing costs
- Sellers are allowed to pay your closing costs
- Lenders cannot charge you a penalty for paying off your loan early
Are You Buying a Home in Midland?
Call our team of Midland real estate agents at 432-698-0411 today.
If you’re looking for a new home, search by school district or search Midland real estate listings by price:
- Midland homes for sale between $150,000 and $200,000
- Midland homes for sale between $200,000 and $225,000
- Midland homes for sale between $225,000 and $300,000
- Midland homes for sale between $300,000 and $400,000
- Midland homes for sale between $400,000 and $500,000
- Midland homes for sale between $500,000 and $750,000
- Midland homes for sale between $750,000 and $1 million
- Midland homes for sale over $1 million