As a home buyer, you should be aware of the various types of home loans available and the advantages and benefits of each. If you have served in the military, the Veterans Affairs Home Loan, aka the
VA home loan
, is a loan program that may be available to you or your surviving spouse. This customized mortgage loan program offers options to make home ownership convenient for U.S. military veterans. Below, we’ve detailed what the loan entails and how to qualify and apply.
A VA loan is approved by the United States Department of Veterans Affairs. These loans are specifically designed for individuals who have served in the US military. This program also extends to surviving spouses of veterans. The primary purpose is to offer benefits to veterans that make it easier for them to buy a home.
Veterans may enjoy various benefits such as no down payment, no mortgage insurance, flexible interest rates, prepayment of mortgage loan without penalty, concession on closing costs, and no required private insurance policy.
U.S. military service personnel must provide proof of any of the following:
If you’re shopping for a loan for buying your dream house, there are many options that you can consider. A VA home loan is a special loan program designed for the benefit of veterans of the armed services and their surviving families. The primary purpose is to extend assistance to those veterans who are looking forward toward buying a house.
The following is the procedure to qualify for a VA Home Loan:
Once house hunting is done, you can apply for a loan with a signed purchase agreement. After its completion, the VA-approved lender will order a VA appraisal. An independent appraiser will conduct the appraisal in order to ensure that the loan-to-value ratio requirements are met.
Shopping for a home loan can be a tedious process if done improperly. However, you’ll be surprised to know that with meticulous planning, it’s possible to simplify this procedure . We can help you shop for a loan that will ensure your needs are taken care of using available financial resources. We may be able to assist you with enhancing your credit score, increasing the chances of loan qualification, and choosing an appropriate loan program.
As a USDA-approved lender, Drew Mortgage Associates is excited to offer USDA rural home loans. For those who qualify, 100% financing may be available, finally bringing the dream of home ownership within reach. With interest rates lower than those available with traditional home loans and flexible guidelines, a USDA rural housing loan may help you achieve your financial goals. Eligibility for a USDA rural housing mortgage is based on the property and the borrower’s individual circumstamces. The property must be located in a rural development eligible area and it must be occupied as your primary residence. Our home loan mortgage officers can help you determine whether there are properties near you that qualify. Even if you don’t consider your area “rural,” you may be surprised to learn there may be eligible properties nearby. To qualify for a USDA rural housing loan, a borrower must meet income, credit, and employment requirements. They must also be a US citizen, a US resident alien, or a qualified non-resident alien. Contact us today and we’ll help you determine whether you may be eligible for USDA financing.