Military families have a lot on their plate. Whether you or your spouse is on active duty or in the reserves, the demands of serving your country can make getting and keeping home financing a challenge. VA loans can help.
VA Loans Save Military Families Money and Trouble
Home purchase and refinancing loans backed by the United States Department for Veterans Affairs can provide options to military families struggling to get financing. These VA Loans can make it easier for veterans to qualify for financing. They often have lower interest rates than traditional loan options. Many VA loans reduce or even eliminate the down payment requirements too, making it easier for military families to get into a home without saving money in advance.
Veteran borrows can also save money because a VA loan typically doesn’t require mortgage insurance. In traditional mortgage options, if borrowers put down less than 20% of the cost of the home, the lender will require them to fully insure the property. If something happens to the home, the insurance pays for the mortgage. But with VA loans, the U.S. government itself partially guarantees the loan, so no mortgage insurance is necessary. This can save Veteran borrowers hundreds of dollars every year.
Who Can Get a VA Loan
Current and past military service members and their spouses can apply for VA loans once they meet certain service requirements. If a person serves in active duty for at least 181 days during peacetime or 90 days during wartime, he or she can apply. This means that most anyone who has been deployed already qualifies. Reservists and members of the National Guard can also apply after 6 years of service. The spouses of veterans who died in service or as a result of service-related disability are also eligible.
How a Mortgage Broker Can Help
VA loans are backed by the government, but they are issued by private lenders. And the terms of those loans can vary. An independent mortgage broker can help sift through all the options, including those available only to veterans, to find a loan with the right monthly payments, interest, and terms to fit each veteran’s housing priorities, and financial situation.
A mortgage broker can also help military families complete the application for veteran’s benefits as part of the pre-approval process. This takes the burden off of service members and military spouses and helps them meet their housing goals faster.
At 1st Securities Mortgage, our loan officers and support staff are on the look out for ways to help veterans save money. We will help you determine if you qualify and complete the necessary paperwork to receive the VA housing benefit. Apply now to get help for you and your military family.