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.
Applying for a VA loan is fairly simple. The whole process starts with talking to a lender about your options, and learning more about the program. After that, you can fill out the appropriate forms to send to the Department of Veterans Affairs. Once your qualifications have been ascertained, you're well on your way to qualifying for a new loan.
Loans from an FHA approved lender allow borrowers to obtain down payments from other sources, which is atypical with conventional loans, and the interest rates tend to be lower. These loans are designed to enable families and individuals with weak credit and favor those with long time employment and job security. With an FHA loan, closing costs may also be rolled into the amount of the loan, provided the borrower is approved for the sum.
On these loans, you will be able to get a loan with as little as no cash down with no monthly private mortgage insurance (PMI). That alone has the potential to save a family hundreds each month and thousands over the life of the loan. Qualifying standards are more relaxed, while the fees and other costs are much more flexible than other loans.
There is a small fee involved in the VA loan that is a fraction of the amount that you would be paying if you were getting any other kind of loan. If you are receiving disability compensation the fee is waived entirely.
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.
Applying for a VA loan is fairly simple. The whole process starts with talking to a lender about your options, and learning more about the program. After that, you can fill out the appropriate forms to send to the Department of Veterans Affairs. Once your qualifications have been ascertained, you're well on your way to qualifying for a new loan.
Loans from an FHA approved lender allow borrowers to obtain down payments from other sources, which is atypical with conventional loans, and the interest rates tend to be lower. These loans are designed to enable families and individuals with weak credit and favor those with long time employment and job security. With an FHA loan, closing costs may also be rolled into the amount of the loan, provided the borrower is approved for the sum.
On these loans, you will be able to get a loan with as little as no cash down with no monthly private mortgage insurance (PMI). That alone has the potential to save a family hundreds each month and thousands over the life of the loan. Qualifying standards are more relaxed, while the fees and other costs are much more flexible than other loans.
There is a small fee involved in the VA loan that is a fraction of the amount that you would be paying if you were getting any other kind of loan. If you are receiving disability compensation the fee is waived entirely.
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 loan options for you and your family. We make it easy to find refinancing options for your VA home mortgage 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.