For current military men and women including veterans, the VA home loan presents a myriad of benefits. VA home loans have become increasingly popular over the last few years because these award veterans and active military men and women the financing needed to move forward with their property buying needs. Not only is the VA home loan available for military persons seeking home finance but also offers additional advantages from lower interest rates to a lack of a down payment. The VA loan is a powerful financial solution for military and veteran individuals who wish to attain future home ownership.

• Better Interest Rates: Obtaining a home loan through a conventional provider is associated with high repayments and interest rates. The VA loan has been created to guarantee applicants a portion of access to finances. For this reason, the interest rates can be up to 1% lower than alternative loans.

• A Lack of Down Payment: Veterans are able to qualify for a VA home loan without requiring any type of down payment. This contributes to significant savings when looking to finance property. Military personnel can take advantage of the incredible benefit of financial savings not having to place a down payment.

• Fitting Credit Requirements: A veteran lender may use an average or minimum credit score to determine overall qualifying finances for home loans. According to the Department of Veterans Affairs, the presentation of loans does not involve the establishment of credit scores. Lenders will typically look at these scores to assess the qualifying sums and inherent risk of applicants.

• More Savings with a lack of Home Owners Insurance: Qualifying military persons and experienced veterans are not compelled to take out a military loan with homeowners’ insurance. This offers an additional monthly saving on the regular repayments.

• Veterans Protected Against Pricy Closing Costs: Lenders will restrict the charges associated with a home loan and the closing costs. Although some costs must be covered by the party, it is certainly more affordable and provides additional saving than having to include these expenses.

You may be asking why get preapproved before we speak. Read on to understand the reason for pre-approval.

• Preapproval acts as a dry run of the loan application process. The mortgage lender will use details you provide about your credit, income, assets and debts to arrive at an estimate of how much mortgage you can afford. The whole process may take only minutes or a few hours at most.

• While a “pre-qual” is non-binding to the lender (because the information you provide has not been verified), it does serve as a good indication to potential sellers of your general creditworthiness.

• These days most sellers will NOT accept an offer without at least a pre-approval letter, so if you are serious about buying, this is the first step towards getting you in your new home.

• You have served 90 consecutive days of service during wartime.

• You have served 181 days of service during peacetime.

• You have more than 6 years in service in the National Guard or Reserve.

• You are the spouse of a service member who died in the line of duty as a result or as a

result of a service related disability.

• Army

• Navy

• Air Force

• Marines

• Coast Guard

• National Oceanic Atmospheric Administration (NOAA)

• Public Health Service (USPHS)