Why Prefer a VA Home Loan?

Have you served in the U.S. Army (or still are) and are looking into financing to move into your own home? Well, there is a good reason for you to be happy! You may benefit from the Veterans’ Affairs (VA) loan program. The program, since its launch in 1944, has helped more than 19 million veterans and their families enjoy living in their own homes. For about 70 years the program has been coming to the aid of veterans, even in the harshest of economic times. Let us talk exactly about what this loan program is!

The US Department of Veteran’s Affairs offers this loan option to military families, in order to help them enjoy home ownership through a home loan that involves no down payment and very less restrictions as compared to other mortgage loans. However, there are a few conditions for eligibility:

●     Applicants must be serving in the military currently, retired or a surviving spouse of either

●     No bankruptcy in the past two years from date of application

●     The credit reports should not reflect any loan default 12 months prior to the application date

US military veterans who meet the above criteria may be eligible for a VA loan. Get in touch with a VA home loan lender at the earliest! The next question that one may ask is, why go for this loan program? With home mortgages showing an upward trend, people either shy away from buying a house, or they keep looking for affordable solutions to owning a property. This program is definitely a silver lining for those eligible.  Whether you are seeking a loan for a new purchase, or hoping to refinance your existing mortgage, a VA home loan lender has a lot on the menu for you! Here’s why it is beneficial to be a part of this program:

●     Little or zero down- Applicants can do away with the hefty down payments that other loans require, helping them save almost 10-20% of the purchase cost. This is a big factor that attracts eligible borrowers as they can think about home ownership even if they do not have big savings.

●     No Private Mortgage Insurance (PMI) costs- This is another great feature of a VA loan. The borrowers do not have to bear the cost of PMI

●     Relaxed Refinancing options- As compared to regular borrowers, under this program, veterans pay much less to refinance their VA loan to a reduced rate.

●     Much lesser restrictions- The loans have gained a huge base of borrowers, as they involve much fewer restrictions.

The program is backed by a federal guarantee, and veterans who qualify for the program can get a loan to finance 100% of their property. To understand the program better and start the loan at the earliest, interested borrowers may go online and search for VA home loan lenders. By working with professional lenders, the whole process of understanding, applying for and closing a home mortgage loan can be simplified to a great extent.