Becoming a homeowner is often a complicated, expensive process –– but for those who have served in our nation’s military, things can be more straightforward. The U.S. Department of Veterans Affairs works with private lenders to make it easier for servicemembers, veterans, and surviving spouses to become homeowners. The team at Choice Mortgage Bank is here for you every step of your VA mortgage loans process. Let’s explore the benefits of a VA mortgage loan and how to apply for one.
To qualify for a VA mortgage loan, you must meet specific requirements. If you served during World War II, the Korean War or the Vietnam War, you must have spent at least active duty. If you served during peacetime, you must have spent about six months active duty.
Members of the National Guard must have served for six years. The spouses of servicemembers who died in service or were taken as prisoners of war are also often eligible for these loans. Even if you meet all of these requirements, you’ll still need to have satisfactory credit and regular income. Then, you can apply for a certificate of eligibility from the government.
The benefits of VA mortgage loans are numerous. We’ll cover some of the most common ones below.
No down payment required
Lower interest rates than traditional loans
Assistance avoiding foreclosure
Lower average interest rates
It’s no wonder VA loans are highly sought after. In 2016, more than 700,000 homeowners benefited from the loan.
Purchase loans are common because they’re straightforward. These loans allow qualifying borrowers to purchase a home without putting any money down in many cases. Cash-out refinance loans allow a borrower to turn home equity into money, while the Interest Rate Reduction Refinancing Loan (commonly called the IRRRL or streamline loan) allows veterans to refinance home loans and obtain better interest rates.
If you’re Native American, you may also benefit from the Native American Direct Loan, which allows Native Americans to use VA home loan benefits on federal trust land.
If you need help determining whether you’re eligible for a VA mortgage loan, contact Emmanuel St. Germain today. You can reach him on his cell phone at 561-400-7317 or his office line 561-362-8204. Our team provides loans throughout Florida, Maine, New Hampshire and Colorado, and we do the work for you. Obtaining a VA mortgage loan will be stress-free with our help.