It takes a special kind of person to be willing to give his or her life for the freedoms our country enjoys, and without a doubt, members of the military should receive special benefits not given to the rest of the population. That’s why if you are a veteran and in the market for a new home, there’s good news. The VA Home Loan program is making it easy for veterans to qualify for a mortgage and has lowered the stringent income and credit qualifications that are now attached to most home loan requirements.
What this means is that not only can veterans qualify for a mortgage based on lower credit scores and income—they can also get into the home of their dreams for zero down, which is unprecedented in today’s cautious lending market. While lenders are tightening down and piling on more restrictions to qualify for a home mortgage, this provision provided for veterans allows special benefits to those who deserve it most.
Since the original inception of the Department of Veterans Affairs (VA) in 1944, it has provided more than $911 billion dollars for VA mortgage loans. With zero money down and mortgage rates at the lowest they’ve been in decades, service men and women are able to buy a home under some of the best rates and benefits available in the country. It’s truly a buyer’s market, with home prices at the lowest they’ve been in quite some time, and many homeowners who are anxious to see. There’s never been a better time for men and women who have served in the military to purchase the home of their dreams, or to purchase investment property aimed at the increasing potential of the country’s renter’s market.
And the best part is that the benefits of a VA Home Loan don’t end after you sign the paperwork and receive the keys to your new residence. Having a VA loan makes the process of refinancing much easier than more traditional loans, which can end up saving you a lot of money over the life of the loan.