When looking for a home loan, there are more options available to families than ever before. But what about a VA home loan? It doesn't matter if you're applying for a VA loan, VA refinancing or a VA streamline loan, these loans are designed to take the best care of veterans, active-duty service people and their families. But since loans frequently have difficult and somewhat obscure rules for who can qualify, some people feel intimidated by the process. Don't be. Here's some information that will help.
Even if you are living abroad and cannot see your family, you can ensure that they are living comfortably and safely by applying for a VA loan. While those not currently in the service may be worrying about how they will afford a house and whether or not they will be able to be approved for a loan or mortgage, you should not have to worry about that.
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.
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.
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.
When you combine all of these benefits, no other type of loan can make it as affordable to get into a home. If you are a veteran, current service member, member of the Reserve or Guard, or a surviving spouse, take some time to consider a VA loan as you are house hunting.
The whole point is to make it easier for veterans, service members and their families to be able to buy a home and keep it affordable.
If worse comes to worse and you cannot make a payment and are facing foreclosure, the Veterans Affairs can step in and negotiate with lenders to see to it that you are given a chance to pay back on a different payment plan. Veterans that are struggling financially will be given the chance they deserve for serving our nation.
Even if you are living abroad and cannot see your family, you can ensure that they are living comfortably and safely by applying for a VA loan. While those not currently in the service may be worrying about how they will afford a house and whether or not they will be able to be approved for a loan or mortgage, you should not have to worry about that.
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.
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.
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.
When you combine all of these benefits, no other type of loan can make it as affordable to get into a home. If you are a veteran, current service member, member of the Reserve or Guard, or a surviving spouse, take some time to consider a VA loan as you are house hunting.
The whole point is to make it easier for veterans, service members and their families to be able to buy a home and keep it affordable.
If worse comes to worse and you cannot make a payment and are facing foreclosure, the Veterans Affairs can step in and negotiate with lenders to see to it that you are given a chance to pay back on a different payment plan. Veterans that are struggling financially will be given the chance they deserve for serving our nation.
About the Author:
Government Loan Pro is a licensed 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.
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