Monday, September 11, 2017 / by Carl Anderson
A home loans - Benefits of applying (and qualifying) as a veteran
As a veteran who has served our country, when time comes to purchase your home, a VA home loan is one of the many viable options you should look into. Why not apply for a loan which is specifically targeted to veterans, and is intended to help make your purchase costs lower, and out of pocket expenses lower when the time comes to invest in a new home? So, what are the many benefits of having a VA home loan?
Low cost -
The most common and sought after benefits is that of 0 down payment, and no monthly mortgage insurance requirements. In addition to these benefits, if you apply and are approved for a VA home loan as a veteran you will realize:
- 0 down at closing costs.
- No closing cost option (the seller can pay the full 6% at closing with some purchases).
- No insurance on your monthly mortgage.
The initial, and monthly savings to follow, are truly astonishing if you compare the VA home loan to other traditional mortgage lending options which are available to you as a buyer.
Other (non-financial benefits) -
Not all borrowers have the best credit score out there. With a traditional mortgage, this typically means you need a cosigner, or you are going to pay absurdly high rates when the time comes to choose a mortgage lender. Not with this option. Even if you have below a 600 score when applying, many lenders are willing to work with you as a veteran, and offer you a viable rate.
Another nice benefit is the mortgage deferment payment. This means if you are an active service member, and are away during wartime, or are serving in your respective branch of armed services, your mortgage payments can be deferred for the time which you are away. You won't incur any interest charges on the mortgage either, as long as you are deployed and are not in the home during an active service period.
Regardless of the military branch you serve or have served for, as a member of the armed forces, when the time comes to buy a new property, you do not (and should not) pay the high interest market rates which other buyers are paying when buying a home. So, when the time comes to apply for your mortgage, consider the VA home loan program, and find out how much you can truly save on the down payment and costs, which are tied to owning your home.