Four Things Veterans and Service Members Need to Know When Buying a Home
If you’re a veteran, reservist or active duty service member, you have earned the opportunity to become a homeowner, and you may be eligible for special benefits when buying a home. Here are the top four things to know.
- There are financial education resources designed for military personnel and veterans. Take advantage of these free online resources, such as Wells Fargo’s Hands on Banking for Military, in order to become a savvier home shopper.
- Before assuming you won’t qualify for a loan, talk to a lender, and tell them that you served or are currently serving in the military. They can inform you about your options, such as a VA (U.S. Department of Veterans Affairs) loan. A VA loan is a home loan guaranteed by the federal government. VA loans can sometimes be obtained with zero down payment.
- There’s a common myth that active duty service members, National Guard members, and reservists are not eligible for VA loans. In fact, they may be eligible. Unmarried, surviving spouses of veterans who died as a result of service or service-related causes may also eligible.
- Individual banks, not the Department of Veterans Affairs, offer VA loans, that allow you to work with a lender who understands your needs and makes you feel comfortable. A specialized team member who understands unique military needs, such as a Wells Fargo Military Lending Specialist, can help you make the most of the home loan benefits you’ve earned.
To learn more, visit wellsfargo.com/military.
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