The Best First-Time Homebuyer Options for Veteran Loan Programs

by Daniel Martin 10/13/2024

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:

Renovation Loans

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

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.

Energy-Efficient Loans

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.

Supplemental Loans

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.

About the Author
Author

Daniel Martin

Membership:

National Association of REALTORS (NAR)

Connecticut Association of REALTORS (CAR)

Bridgeport Board of Realtors

Valley Board of Realtors

Greater Fairfield County CMLS

Connecticut CTMLS

Education:

Principals and Procedures of Real Estate

Naugatuck Valley Community College

Connecticut School of Electronics

Housatonic Community College

Achievements:

Connecticut Magazine 5 Star Realtor 2014-2023

Top Producer

Top Listing Agent

Top Selling Agent

Professional Specialty:

My experience and expertise in the home selling and buying process gives my clients an advantage in any real estate market.

*First Time Home Buyers

*Single Family Homes

*Multi-Family Homes

*Land

*New Construction

*New Residential Developments

*Condominiums

*Downsizing

*Rentals

Personal:

Lifelong Connecticut Resident

Married with 2 Children, 3 Grandchildren

Musician

Golf Enthusiast

Areas Covered:

I specialize in Fairfield and New Haven Counties. *Shelton *Trumbull *Stratford *Bridgeport *Fairfield *Milford *Danbury Beacon Falls *Brookfield *Naugatuck Valley It doesn't stop there - I can also refer to anywhere in the world! Niche Marketing My background in customer service and technology gives me a step ahead of the competition. I use every available Marketing Resource to make your home stand out.