VA (Veterans Administration) Loans Offer Advantages to Servicepersons
What are the Advantages of Applying for a VA Loan?
Obtaining a loan from the Veterans Administration has many advantages that make it one of the most attractive paths to owning a home:
- Lower Payments
- Easier Qualification
- No Down Payment*
- First-Time Buyers
Are You Eligible for a VA Home Loan?
You may be eligible for a home loan from the VA if you have:
- Served 90 consecutive days of active service during wartime,
- Served 181 days of active service during peacetime,
- More than six years of service in the National Guard or Reserves.
- If you are the spouse of a service member who has died in the line of duty or as a result of a service-related disability, you may also be eligible.
Is it Possible to Get Refinancing Through the VA?
Eligible persons may also be able to refinance using the VA loan refinancing in one of two ways:
- Streamline Financing, also known as a “VA IRRRL,” is great for existing VA loan holders who would like to take advantage of lower interest rates.
- Cash-Out Refinancing is another option for persons with a VA or conventional loan who are looking to take advantage of the equity in their homes to access cash for home improvements, or to pay for emergencies or unexpected bills.
VA loans offer some of the lowest interest rates. This enables borrowers to capitalize and join millions of other veterans taking advantage of this hard-earned benefit. There may be a number of factors that influence on the final rate you are able obtain; however, the government backs all VA loans, ensuring that lenders can continue offering low interest rates.
Discover Ways to Get on the Right Track to Purchase a Home
For many borrowers, including military families and veterans, having the perfect credit score is often difficult and one of the biggest obstacles in the purchase of a home. Fortunately, there are credit-building programs that many organizations offer free of charge to help veterans and military families rebuild their credit. These credit-building programs can get you on the right track to purchasing a home.
Speak with one of our lenders today to learn more.
* VA loans require a non-refundable VA funding fee at closing. The fee is higher with a zero down payment. If a down payment of 5% or more is made, the fee is reduced.