A loans are one source of funding that an increasing number of qualifying homebuyers who are or have been in the U.S. military have found to be highly beneficial.
VA loans are available to qualifying active-service military personnel and veterans and are a wonderful benefit the U.S. Department of Veterans Affairs offers these brave men and women. Nearly three-quarters of active-service military buyers and more than half of veterans take advantage of the VA loan program.
There are plenty of reasons that could convince a qualifying member of the military to use a VA loan. If you are a qualifying member of the military, here are three important reasons to consider using a VA loan:
Most home loans either require a down payment of at least 20% or the purchase of Private Mortgage Insurance if you aren’t able to provide that amount at the time of closing. However, VA loans don’t require either. This means you may find they are a much more affordable option.
A VA loan can help in almost any of your homeownership goals, whether they involve to buying, building or refinancing. There are some requirements you’ll need to meet to qualify. For example, the home needs to be your primary residence to be eligible.
For many loan products, there are certain qualifiers that allow you to obtain a loan or a low interest rate. For example, if you have a foreclosure or bankruptcy in your past, it may prevent you from getting a loan or an affordable interest rate. However, a VA loan is still obtainable with these financial hardships on your record.
What will your reason be for getting a VA loan for your next home purchase? With Veterans Day coming up on Nov. 11, many people and businesses will be saying thank-you to the brave men and women who have and are currently serving in our military. Tell the lenders at Academy Mortgage the next time you’re in the market for a new house, and we will be happy to help you buy your perfect home.