If you’re currently serving in the United States military, or if you are a veteran who served in the past, you have a number of home-buying benefits that are available to you. These include mortgage loan options.
For instance, with a Veterans Administration home loan, there are looser credit requirements. So, these loans can be a viable option if you’ve had your finances impacted by your military service.
With a VA loan, the credit score requirements are usually lower than those that are needed to obtain a conventional loan. (Most conventional lenders will require a minimum credit score of 660). Likewise, VA loan approval requirements can also allow more flexibility as it pertains to your debt-to-income ratio.
As a current or former member of the military, there are a number of other advantages, too, in terms of VA (Veterans Administration) loans, such as:
- No down payment options
- Lower monthly mortgage payments (because VA loans do not require private mortgage insurance)
- Lower interest rate (which can also help to keep your monthly mortgage payments lower than a comparable conventional home loan)
- Fast closing
It is important to note that VA loans can only be used to purchase a residence, as versus a vacation and / or investment property.
If you’re an active or retired military member and you’re looking for a new place to call home, we can help. We’ll work with you to narrow down the right home option and location for you – regardless of whether you’re downsizing or seeking a place for your family to grow.
Plus, if you have a home to sell, we will provide you with a no-cost, no obligation estimate of your property’s current value, so you can price it accordingly.
Ready to get started? Just contact us today.