If you have served in the United States military and you’re in the process of looking for a home to purchase, there are several benefits that you may be eligible for when it comes to obtaining a mortgage.
Just some of the key advantages of going with a VA loan can include the following:
- Lower Monthly Payments – Because VA home loans do not require private mortgage insurance (PMI) – which is generally required for mortgages that are more than 80% of the property’s purchase price – your monthly payment can be lower. This, in turn, means that veterans can end up paying less over time for a home.
- No Down Payment Requirement – VA loans also do not require a down payment. Because of that, veterans don’t have to come up with a large sum of money up front when purchasing a new residence.
- Fast Closing – In many cases, VA loans can be closed quickly. This means that you can be in your home within a relatively short period of time.
In order to be eligible for a VA loan, there are several qualification criteria. These include having sufficient income and satisfactory credit. In addition, you will also need to have a valid Certificate of Eligibility, or COE. This certificate will verify to the lender that you are eligible for a Veterans Administration loan.
Depending on the branch of the military that you served (or that you are currently serving in), there may be other evidence that you need to provide to a bank or lender in order to show proof of eligibility. This information can be found on the U.S. Department of Veterans Affairs website at: https://www.benefits.va.gov/HOMELOANS/purchaseco_certificate.asp
If you’re a U.S. military service member or veteran who is looking for a home, we can help. Just contact us and we’ll assist you every step of the way.