When Veterans Seek To Cash Out

Buying a home is likely to be one of the biggest purchases in your lifetime. As an added perk for those who have served in the military, our government offers VA home loans to active service members, veterans, and in some cases, surviving family members. Although understanding the terms of mortgage assistance for veterans can be tricky, there are some key benefits of VA loans.

No Down Payment

With a VA loan, there is usually no down payment requirement on a new purchase loan. This can make it easier for veterans to qualify for a mortgage since they don’t need to worry about providing a hefty payment of about 10-20% of the purchase price at the time of the closing.

See If You Qualify!

Lower Interest Rates

The VA doesn’t directly provide the money to you. In fact, VA loans are offered through private lenders that are guaranteed by the U.S. Department of Veterans Affairs. This guarantee allows the lender to offer lower interest rates to members of the U.S. Armed Forces and their family members.

Take Advantage Of Your VA Benefts

Credit Flexibility

Veterans may be eligible for mortgage assistance two years after bankruptcy or foreclosure. Most lenders require a minimum credit score of 620 for VA home loans. Since this is lower than many conventional lenders, it’s easier for veterans to qualify.

No Mortgage Insurance Requirement

With conventional and FHA loans, lenders typically require mortgage insurance if you pay less than 20% down. This is not the case with VA home loans, as there is no mortgage insurance requirement.

Do You Qualify For VA Loans?


SHARE
Previous articleCommon Mistakes When Applying for a VA Loan
Next articleWhy Veterans Refinance
As a blog writer, Jessica gets to mix her passion for creative writing with her love for helping others. As native California resident, she shares her free time with Disneyland, outdoor adventures, and her dog.

LEAVE A REPLY

Please enter your comment!
Please enter your name here