The Best First-Time Homebuyer Options for Veteran Loan Programs
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
Daniel Martin, Higgins Group Private Brokerage, Licensed in CT, Lic. #RES.6767971
With over two decades of experience in Connecticut real estate, Daniel Martin is a seasoned Realtor at Higgins Group Private Brokerage, renowned for his exceptional market insight and unwavering client dedication. A lifelong Connecticut resident, Daniel's deep roots in the community, coupled with his extensive professional background, provide an invaluable advantage to both buyers and sellers across Fairfield and New Haven Counties.
Daniel's distinguished career is marked by consistent achievement, earning him the prestigious Connecticut Magazine 5 Star Realtor award from 2014 to 2025. He is a perennial Top Producer, recognized as both a Top Listing Agent and Top Selling Agent, a testament to his strategic approach and keen understanding of market dynamics. His expertise spans a broad spectrum of real estate needs, including guiding First Time Home Buyers, navigating transactions for Single and Multi-Family Homes, Land, New Construction, New Residential Developments, Condominiums, Downsizing, and Rentals.
Beyond his impressive track record, Daniel's professional affiliations include memberships with the National Association of REALTORS (NAR), Connecticut Association of REALTORS (CAR), Bridgeport Board of Realtors, Smartmls and Greenwich MLS. His foundational education in real estate from Naugatuck Valley Community College, complemented by studies at Connecticut School of Electronics and Housatonic Community College, underpins his comprehensive understanding of the industry.
Daniel's unique blend of customer service acumen and technological proficiency sets him apart. He leverages every available marketing resource to ensure his clients' homes gain maximum exposure and stand out in the competitive market.
When not orchestrating successful real estate ventures, Daniel cherishes time with his family, including his wife, two children, and four grandchildren. A passionate musician and golf enthusiast, he embodies the vibrant spirit of the Connecticut communities he serves. Daniel's network extends globally, allowing him to facilitate referrals anywhere in the world.
