If you’re active in the U.S. military, or you are military veteran, you could be eligible for some nice benefits when it comes to the purchase of a home. These can include down payment criteria, as well as obtaining an affordable mortgage.
Over the past 70+ years, the VA loan program has backed millions of home loans for veterans, as well as those who are active duty military and their spouses. Just some of the advantages that you can qualify for include:
- More lenient credit requirements
- Limited amount of closing costs
- Lower interest rate (on average)
- No down payment required
In addition, you could also save some additional money by not having to pay private mortgage insurance (PMI). This is a type of insurance that covers the mortgage lender in the event that the home owner defaults on his or her payments.
In order to qualify for VA and / or military home mortgage benefits, there are some eligibility factors that are required. For example, according to Veterans United, you must meet at least one or more of the following:
- Served 90 consecutive days of active service during wartime, or
- Served 181 days of active service during peace time, or
- Have more than six years of service in the Reserves or the National Guard.
There are several different ways that you can apply for a VA mortgage loan. These include using the VA’s eBenefits portal and submitting your application online. You could also apply via a lender that is VA approved.
If you’re starting to search for the perfect home, working with an experienced realtor can also be advantageous. Give us a call when you’re ready to move forward, and we’ll assist you throughout the entire process.