The Top 3 VA Home Loan Benefits Veterans Should Know
The VA Home Loan program is a mortgage option backed by the government. It helps veterans, active-duty service members, and eligible surviving spouses become homeowners. The VA created this program to offer cheap housing options to veterans who have served our country.
Call HomePromise at 800-720-0250 if you’re a veteran or an active-duty service member considering homeownership or refinancing your current mortgage. You will learn more about the VA Home Loan program from HomePromise VA loan experts. This program helps you own your dream home more easily. It also typically offers a low down payment, good interest rates, and no need for monthly PMI.
VA Home Loan Benefits Overview
The VA home loan program was established in 1944. Since then, the program has helped millions of veterans achieve their dream of homeownership.
A VA Home Loan lets you borrow up to the sales price of your new home without needing a down payment. This can be especially helpful for veterans who may not have substantial savings but still want to become homeowners. With traditional conventional mortgage loans, lenders typically require at least a down payment ranging from 3% to 20%, which can be challenging for many individuals.
Another significant benefit is that VA Home Loans generally typically lower interest rates compared to conventional loans. This means that over time, you could potentially save thousands of dollars in interest payments. The VA guarantees these loans, making them safer for lenders and enabling them to offer better terms.
In addition to no down payment and lower interest rates, VA Home Loans also do not require private mortgage insurance (PMI). Lenders often require PMI when borrowers put less than 20% down on a conventional loan. By eliminating this additional cost, VA Home Loans can make monthly mortgage payments more affordable for veterans.
The VA Home Loan Program helps veterans become homeowners by removing common financial obstacles. It offers invaluable benefits. Eligible individuals should explore these options and understand the benefits of these special offerings. These offerings are specifically designed for those who have served our country with honor and commitment.
Top 3 VA Home Loan Benefits for Veterans
To summarize, here are the top 3 benefits of the VA home loan program
- Buy a home with no down payment
- Typically Lower Interest Rates
- No monthly private mortgage insurance
How to Qualify for VA Home Loan Benefits With HomePromise
Getting a VA home loan is easy because the VA has flexible eligibility requirements. Here are some key factors that determine if you meet the criteria:
Service Requirements: To be eligible, you must have served at least 90 consecutive days during wartime or 181 days during peacetime. If you served in the National Guard or Reserves, there is a minimum requirement of six years of creditable service.
Certificate of Eligibility (COE): Obtaining your COE is an essential step in qualifying for a VA home loan. This document verifies your military service and confirms your eligibility. You can get your COE quickly by calling HomePromise at 800-720-0250.
Credit Score Requirements: Lenders prefer applicants with a credit score of 620 or higher. However, the VA has no specific requirement for credit score and income. HomePromise has helped veterans get VA loans with credit scores as low as 580.
Additionally, demonstrating a stable income and employment history improves your chances of approval.
Property Guidelines: The property being financed must meet certain standards set by the VA. It should be considered suitable for residential purposes and undergo an evaluation by an appraiser to determine its current value.
By meeting these qualifications, veterans can take advantage of the numerous benefits offered through VA home loans.
Conclusion
The VA Home Loan Program offers a range of benefits for veterans that make homeownership more accessible and affordable. These benefits include:
- No down payment
- Competitive interest rates
- Flexible qualification
- No monthly PMI
Veterans typically can buy a home sooner without saving a lot of money for a big down payment. The ability to secure favorable interest rates means lower monthly mortgage payments and potential savings over the life of the loan. It’s easier for veterans to get a VA home loan because the qualification requirements are more relaxed than traditional mortgages.
Veterans need to take advantage of the opportunities provided by the VA Home Loan Program. By calling HomePromise 800-720-0250 you can learn more about your eligibility.
Now is a great time for veterans to explore the VA Home Loan Program. Whether you want to buy or refinance a home, this program is worth considering. Contact HomePromise today by calling 800-720-0250 for personalized help with VA loans and buying your home.
Every veteran is different, so it’s important to carefully consider their specific circumstances before deciding on financing options. The VA Home Loan Program helps many veterans fulfill their dream of owning a home.
VA Debt Consolidation Loans & Military Debt Consolidation
Even with the best of intentions, bills can start to pile up. From unexpected medical bills to high interest credit cards, debt can happen to anyone. Other expenses like college tuition, delinquent taxes, and second mortgages can also cause financial stress. For veterans and military families currently experiencing financial difficulties, VA military debt consolidation loans can help.