The men and women who serve the country in the military deserve the thanks of the American people. However, when it comes to mortgages, they will likely be eligible for much more than just that. For those who are an active-duty servicemember, veteran, or surviving spouse, it may be possible to qualify for a VA loan.
For those who may qualify for this lending product, it is time to learn more. Understanding more about them is possible by taking time to check out Dustin Dimisa’s Twitter, or by reading the information here.
Unique Benefits and Features Not Offered to Civilians
Modern VA loans offer two main benefits. They provide the option for a zero percent down payment and PMI or private mortgage insurance is not required. Also, the U.S. Department of Veterans Affairs or VA will back a certain amount of the loan, which reduces lender risk. The VA loan program can be used for buying single-family homes, multi-unit homes, condos, and even new construction. The key is to ensure it is the buyer’s main residence. It is also possible to refinance using a VA loan.
It’s Available to More Than Just Veterans
Veterans and most active service members in the U.S. military branches, Reserves, and National Guard can qualify for a VA loan. There are some surviving spouses that can also apply. The eligibility of a person is dependent on the amount of time they served, the time period served, and other factors. All this information is available on the VA website. It is necessary to acquire a COE – certificate of eligibility – from the VA, which can be acquired online by going to a person’s VA account. There are a large number of VA loan benefits that are never used because of all the confusion related to who is eligible.
If someone uses the benefits they are entitled to, they won’t lose them. Even if someone has received a VA loan before, it does not mean they are not eligible to apply for another one when they need to move from one home to another. When the home finally sells or when the VA loan has been paid in full, it is possible to have access to the entire entitlement. In fact, there are many service members that will use the VA entitlement every time they move to a new location. This is a benefit that can be used for a person’s lifetime.
Some people believe that since the loans have zero down payment requirements and that mortgage insurance is not required, that the VA loans would have a much higher interest rate. This is just not the case. The rates for modern VA loans are usually lower than what is offered for traditional loans.
When it comes to getting good rates, and a good mortgage, be sure to keep the information here in mind. Doing so will pay off and help ensure the desired results are achieved. Being informed is the best way to know if a VA loan is a viable option.