Demand in recent years for Veterans Affairs (VA) mortgages has soared, and this is no surprise: Most VA loans do not require a down payment, there is no minimum credit score, and are offered to veterans and active members of the military. A VA home loan remains one of the major options for borrowers who lack down payment funds, so they make home ownership available to millions of vets and military members.
Veteran loan programs remain bold and provide homeownership opportunities that benefit military families. Rates have dipped to near record levels, so your timing could not be much better. Many VA mortgage lenders have expanded their guidelines and more a more members of the Armed Services are eligible for affordable house financing.
VA home loans are offered by private lenders and are guaranteed by the federal government, so no mortgage insurance is required
If you are a member of the military or are a veteran, there are five great reasons to consider qualifying for VA home loan financing.
Active duty military can qualify for a VA loan after only six months of service, however, reservists and National Guard members need to wait six years
Almost all current and former members of the military, including reservists and National Guard members, are eligible to get a VA loan. Also, spouses of members of the military who died on active duty can apply too. Continue reading