Are you an active military member or a veteran? If so, you may eligible for a VA loan. A Veteran Affairs mortgage loan is available to millions of active service members as well as veterans who have not been separated from service through a dishonorable discharge. Such home loans are secured through private lenders and are guaranteed by the Department of Veterans Affairs.
Benefits of a VA Loan
Compared to other mortgage programs and conventional loans, VA home loans are easier to get approved for making it the ideal option for veterans and active service members. With a VA loan, you won’t have to worry about saving enough money for a downpayment since such mortgages can often be obtained with no or a very small down payment. Also, VA home loans don’t require monthly mortgage insurance, which means you can qualify for more reasonable monthly payments.
VA loans require a borrower to have a minimum credit score of at least 540. The borrower also has to show they have sufficient income to repay the loan and a low debt to income ratio.
Am I Eligible for a VA Loan?
Most military members including, National Guard veterans, reservists and others can apply for a Veterans Affairs home loan. Also, a spouse of a military member who passed away during service or who is currently disabled can apply for a VA mortgage. Most active duty members are eligible after six months of service while reservists and National Guard members have to wait six years unless they are called to active duty. However, eligibility can change during war periods.
Borrowers will have to submit a Certificate of Eligibility to lenders. Typically, lenders obtain this document for borrowers during the pre-approval phase.
How Can Military Personnel and Qualifying Individuals Get a VA Loan?
Active military personnel, their families and veterans in Houston, Tx and the surrounding areas can obtain a VA home loan by:Using the home loan repayment calculator to first determine whether you can comfortably afford a mortgage
- Make sure you are eligible by checking out the Veterans Affairs eligibility requirements
- Find a lender that participates in the VA home loans program.
- Obtain a Certificate of Eligibility from the VA
- Apply for a VA loan
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If you think you might qualify for a VA loan, contact us. A Liberty Mortgage loan officer will work for you to get all of the VA loan benefits you deserve.