If you are in the military, or you are a retired serviceman, you may have access to one of the most unique and beneficial mortgage loan programs created. VA loans help you get competitive interest rate often without requiring a downpayment or private mortgage insurance.
There are few categories of people who qualify for this type of loan:
Members of the military, veterans, reservists and National Guard members qualify for a VA loan. Spouses of military members who died while on active duty or as a result of a service-connected disability can also apply. Active-duty members usually become eligible after six months of service. Reservists and members of the National Guard have to wait six years in order apply. However, if they are called to active duty before that, they gain eligibility after 181 days of service. Reservists, members of the National Guard and active-duty members can qualify after 90 days of service during war periods.
Even though a VA Loan is backed by government, the government generally does not make direct loans to homebuyers. Private lenders including Veterans United Home Loans finance the loan while the Department of Veterans Affairs offers a guaranty. This is why VA loans do not require mortgage insurance. There are three types of VA loans: purchase loans, interest rate reduction refinance loans (or IRRRL, also known as a VA streamline refinance loan), and cash-out refinance loans.
VA loans are some of the most attractive and flexible loans on the market, and they are exclusively for military personnel, veterans and their families. Some of the most important advantages for these loans are that the borrower typically does not need to make a down payment and there is no private mortgage insurance (PMI) needed.
Let us review the most important benefits:
Contact us to learn more about your eligibility and we’ll find you the best VA loan. Our mortgage brokers are here to help you get the home you want!