Sometimes the benefits of being a soldier seem never-ending. Discounts and free education on top of compensation. And the benefits do not stop when it comes to home loans, either. If you or your spouse have served or are currently serving in the armed forces, you may be eligible for a Veterans Affairs mortgage, more often referred to as a VA Loan. It may not seem like that much of a benefit in comparison with the work that those in the armed forces are asked to do. Or if you have lost a loved one in the armed forces it can in no way make up for that loss. However, the United States hopes to contribute what they can to the lives of those who fight for our freedoms.
VA loans are specialty loans reserved for veterans, current service members, surviving spouses and members of the Reserve or National Guard. There are stipulations on these, but in general, service members, veterans and members of the Reserve or Guard are eligible if they've been on active duty between 90 days and 24 months (please check with the Department of Veterans Affairs for more information). Surviving spouses of service members can generally qualify if they haven't remarried, or if they fall into a certain age bracket.
If you are in active duty and have been serving for more than 90 days, you are eligible for a loan. If you are a veteran and previously served in either World War II, the Korean War, the Vietnam War, or the Gulf War for at least 90 days, you are eligible. Or if you did not serve in the wars but served for 181 consecutive days post-war, you are also eligible for the loan.
The benefits you get from a VA loan are far and away better than anything else you can find. These loans are applicable on buying homes or condominiums in a VA-approved projects or building a home. Not only that, but if you are simultaneously purchasing and improving a home, or improving it by installing energy-related features or making energy-efficient improvements, the loans are for you. Finally, the loans are also available to people who are buying a manufactured home and/or lot.
Veterans with VA loans do not have to worry about paying any down payments before receiving their loans, unlike the rest of Americans. They will also not have to worry about paying for any mortgage insurance.
While VA loans are available expressly for military personnel and their families, if you qualify to apply, there are several reasons you should seriously consider it. First, VA loans allow you to finance 100% of the home, meaning that there is no down payment for the home you are purchasing, freeing up any out of pocket money to spend on purchases for your move. Additionally, VA loans do not require mortgage insurance and the financial qualifications are quite relaxed when compared to other types of home loans. On top of everything else, VA loans are typically accompanied by some of the lowest interest rates available on the market.
The amount of your loan can vary depending on where you live and whether or not it is a high-cost area. It can also depend on your credit score, but not as heavily as it might otherwise. Different lenders require different scores, so be sure to check before applying.
Although there a lot of loans and a lot of programs out there, VA home loans are far and away the best choice. VA loans, VA refinancing and VA streamline loans are all options you can choose from, whether you're looking to buy or refinance a home. And best of all, they're just for you.
VA loans are specialty loans reserved for veterans, current service members, surviving spouses and members of the Reserve or National Guard. There are stipulations on these, but in general, service members, veterans and members of the Reserve or Guard are eligible if they've been on active duty between 90 days and 24 months (please check with the Department of Veterans Affairs for more information). Surviving spouses of service members can generally qualify if they haven't remarried, or if they fall into a certain age bracket.
If you are in active duty and have been serving for more than 90 days, you are eligible for a loan. If you are a veteran and previously served in either World War II, the Korean War, the Vietnam War, or the Gulf War for at least 90 days, you are eligible. Or if you did not serve in the wars but served for 181 consecutive days post-war, you are also eligible for the loan.
The benefits you get from a VA loan are far and away better than anything else you can find. These loans are applicable on buying homes or condominiums in a VA-approved projects or building a home. Not only that, but if you are simultaneously purchasing and improving a home, or improving it by installing energy-related features or making energy-efficient improvements, the loans are for you. Finally, the loans are also available to people who are buying a manufactured home and/or lot.
Veterans with VA loans do not have to worry about paying any down payments before receiving their loans, unlike the rest of Americans. They will also not have to worry about paying for any mortgage insurance.
While VA loans are available expressly for military personnel and their families, if you qualify to apply, there are several reasons you should seriously consider it. First, VA loans allow you to finance 100% of the home, meaning that there is no down payment for the home you are purchasing, freeing up any out of pocket money to spend on purchases for your move. Additionally, VA loans do not require mortgage insurance and the financial qualifications are quite relaxed when compared to other types of home loans. On top of everything else, VA loans are typically accompanied by some of the lowest interest rates available on the market.
The amount of your loan can vary depending on where you live and whether or not it is a high-cost area. It can also depend on your credit score, but not as heavily as it might otherwise. Different lenders require different scores, so be sure to check before applying.
Although there a lot of loans and a lot of programs out there, VA home loans are far and away the best choice. VA loans, VA refinancing and VA streamline loans are all options you can choose from, whether you're looking to buy or refinance a home. And best of all, they're just for you.
About the Author:
Government Loan Pro is a VA and FHA mortgage broker and we can provide a wide variety of VA Purchase options for you and your family. We make it easy to find refinancing options for your VA home loans, great rates on purchasing loans, and we'll connect you to the mortgage lender who can answer your questions and help you make the decisions that fit your financial needs.
No comments:
Post a Comment