For millions of veterans, VA loans are tantamount to the freedom and opportunity to purchase a home where other opportunities seldom exist. This VA loan advantage is sweeping, and veterans experience loan perks such as less-restrictive eligibility standards, increased loan amounts and no money down at the time of purchase. Additionally, service members honoring activity duty commitments might have their interest rates frozen during extended absences. Comparatively, a veteran loan is one of the best mortgage products out there, hands down!
Eligibility For The VA Loan ? Not As Complicated As It May Seem
Service members (active or retired), or surviving spouses, who meet certain requirements based on length of service or manner of discharge, may be eligible for VA loans and must obtain a valid Certificate of Eligibility (COE). The process of obtaining a COE is often incorporated into the loan application and facilitated by VA-approved mortgage lenders. Conversely, applicants can obtain a Certificate of Eligibility manually by directly applying to the Veteran?s Administration. In any case, a valid COE is the minimum requirement to be eligible to apply for a loan backed by the Veteran?s administration.
After obtaining the Certificate of Eligibility, a lot of first-time buyers get worried about coming up with a significant down payment or cleaning up a history of credit blemishes. For this purpose, veterans enjoy relief from many of the stringent prequalification standards of conventional loans. For example, a veteran may qualify for a loan with a credit score as low as 600, make no down payment at the time of purchase, obtain lower payments and lower interest rates, and suffer no pre-payment charge for paying off a loan early.
All of these perks make the veteran loan a very attractive home-purchasing tool. When used properly, a veteran?s home loan is a valuable asset! Put simply, a veteran with a dream of homeownership has a practical way to achieve such a wonderful dream. What better way to reward veterans than with a mortgage loan designed to meet his or her needs?
Since 1944, the GI Bill, or Servicemen?s Readjustment Act, has helped millions of veterans become proud, self-sufficient homeowners. Unfortunately, only about 10 percent of eligible service members take advantage of this opportunity. Therefore, if you are a veteran who has always dreamed of owning a home, or if you?re curious about VA loans in general, contact a VA-approved lender for additional information. You just might experience a dream you once thought unachievable: owning a beautiful piece of real estate!
VA Home Loan program makes it easier for veterans to qualify for home financing with less stringent income and credit qualifications; just check out va loans and you may also check out va refinance.
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Tags: credit, finance, insurance, va hybrid, VA loan benefits, va loan rates, va loan requirements, va loans, VA mortage, va refinance, va streamline financeTopics: insurance
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