Buying a home of your own is a big part of the American Dream. It’s a problem, in my opinion, that doing so is often way too hard for our American Heroes. VA loans can help solve that.
American veterans have laid down their lives to protect our freedom here at home and the lives of countless innocents around the world. Even if never involved in active combat, military veterans have dedicated years of their lives to training and service. Being able to afford a home should be simple after all they’ve done.
Thanks to the Veterans Affairs office, homeownership can be simpler for veterans, but VA mortgages are terribly underused. Just 1.9 million of the 16.4 million veterans who currently own homes got their mortgage through the VA program. Today, over 22 million veterans and 1 million service members are eligible, but often do not have the opportunity to apply for a VA loan simply because they do not tell their bank they are veterans!
A $200,000 VA loan can save a veteran about $200 every month compared to any other home loan. They are worth a close look!
Thanks to myths and misinformation, many veterans believe they cannot qualify for a VA loan and sellers think VA loans are too much of a hassle to deal with.
Thankfully, they are both wrong!
VA loans are designed to make buying a home easier for our military men and women.
They offer a legitimate No-Money-Down option, eliminating one of the biggest hurdles to homeownership faced by US veterans. Plus, VA loan holders do not have to pay Primary Mortgage Insurance (PMI). Usually, when you buy a home with very little (or no) money down, you have to pay PMI on your loan until you reach a certain percent of equity. VA loan holders are exempt from this rule, dropping another big hurdle.
You will have to pay a one-time VA Funding fee, often about 2% of your mortgage amount. This money goes to the VA and helps keep the VA mortgage program alive for future generations of Americans veterans. It can be rolled in to your mortgage or you can pay it at closing. And, if you are a disabled veteran, the VA funding fee may be waived. If you’ve already paid it, you can apply for a refund after your disability benefits have begun.
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You don’t need perfect credit to qualify for a VA loan.
Recent reports indicate most VA lenders require a minimum credit score of 620. Considering traditional mortgages often require a minimum score of 740, VA loans are very borrower friendly. Other government backed mortgage programs, like FHA and USDA loans, also help make purchasing a home easier with lower requirements for credit scores. But, these programs often require more stringent qualification processes and minimum down-payments.
If you’ve had financial difficulties in the past, even a bankruptcy of foreclosure, you can still qualify for a VA loan. Many VA mortgage programs are more forgiving than traditional mortgages. You just have to wait 2 or 3 years to apply.
Our NCES credit professional s can help you address any errors or inaccuracies on your credit report to make sure you show your “best self” when you apply for your VA loan. Plus, we have free educational resources to help keep you on the right track after you purchase your home. Schedule a free consultation today.
VA Loans are not any more of a hassle than traditional mortgages
Misinformation about VA loans is all over the place. While it is true that they may take a few extra days to close than a traditional mortgage, VA loans are definitely worth the wait. To get the process off to a faster start, make sure you get your Certificate of Eligibility
For 70 years, VA loans have made homeownership a real possibility for millions of US veterans. If you are a veteran service member and would like help reviewing your credit profile before applying for a VA loan, it will be our honor to serve you.
Thank you for your service and dedication to our country!
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If you have any questions, please give us a call at 770-952-5168 or contact us online.
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This information is intended for informational and educational purposes only and not as legal advice. If you have concerns about your credit report, harassment, identity theft, illegal collections activity, garnishments, or property liens, you should consult a attorney who specializes in consumer rights and defense.