Getting a loan isn’t always easy and there’s a learning curve for the many different kinds, but VA loans in Arizona are at the top of the list when you ask Americans about the type of loan they understand the least about. The VA home loan is, of course, one of the advantages to having served in America’s military, and there’s no need for American military veterans to have a hard time understanding how these VA loans work. Like a lot of other home loans, there have been several myths that have sprung up around this particular kind and following are a few straight answers about some of the questions military veterans have. It’s important to remember that active-duty personnel, as well as military veterans, can qualify for one of these loans.
Q: Can these homes brought through a VA loan be rented after they are purchased?
A: The short answer is yes. You can purchase a home using one of our VA loans and then rent it out, but there are certain circumstances you’ll need to be aware of. For example, purchasing a home in a rental subdivision will preclude you from renting it out. Keep in mind that places like co-ops are out of bounds as well because the other owners who live in these places need to vote on any new tenants. Even if you buy a triplex or duplex, you’ll need to live in one of the units to be able to rent other spaces in the structure.
Q: Is it true these VA loans in Arizona can only be used once?
A: No, there is no limit on the amount of times that you use one of these loans, but there is some fine print. Military veterans and active-duty personnel will need to be aware of before they start signing the paperwork. Military personnel who meet the requirements can take as many of these loans as they want, but they need to be careful not to exceed their entitlement. If you go over the amount allotted to you, the VA mortgage company might not guarantee the loan and that means you’ll have to come up with some extra cash for a down payment.
Q: Does a VA home loan expire?
A: Unfortunately, there are some misconceptions about this, but the short answer is no. These type of loans never expire for the people who are qualified. Other education entitlements offered to military personnel expire 10 years after their discharge from the service, but these loans don’t have a shelf life and can be used at any time.
This program is government guaranteed and even so, there are still many misconceptions about what veterans are entitled to. The VA home loan is considered by most to be one of the stronger benefits that military personnel can use to their benefit. Getting the right information about these all-important home loans is a critical first step in putting a roof over your family’s head.