VA Guaranteed Mortgage Loans
The VA Loan Program was started to give veterans and active-duty military personal the opportunity to buy a home at an affordable rate, without the burden to come up with a large down payment. Under the program, veterans and active duty members of the military who have sufficient income and meet certain service qualifications can purchase a home with no down payment, and they are exempt from costly private mortgage insurance charges. The mortgage is insured by the government, making it less of a risk for the lender, thus making credit ratings and down payments less important in qualifying the borrower for the loan. The VA also limits the closing costs on these loans, ensuring that qualified applicants can purchase a home in the most affordable manner. They carry no prepayment penalty, and assistance is available if the buyer faces a financial struggle in the future after getting the loan.
The qualification terms for the VA loan program are quite generous, ensuring most veterans qualify. In general, if you served at least 90 days during wartime or 181 days during peacetime and were honorably discharged, you qualify. Spouses of those who died as a result of their military service can also apply for the loan. Those in the National Guard or Reserves who served six years are qualified for the loan program. Others also qualify, including those who were discharged prior to the 90 or 181 days due to injuries received while in active duty.
If any of these qualifications apply to you, congratulations! You are eligible for the VA home loan program. Our VA Home Loan Specialists are waiting to walk you through the VA home loan process. Give us a call today to find out more about this affordable home buying option you have earned through your dedicated military service.