Military Home Loans
When looking for a military home loan, a VA mortgage is the only way to go. These loans are guaranteed by the Veterans Administration, making it much easier to gain financing for a home. VA loans are available to qualified veterans and unmarried surviving spouses. There are a number of eligibility requirements that those interested in a military home loan can learn about from the VA or their lender. If a borrower meets all of the requirements, a Certificate of Eligibility will be required for the application process. A lender can help in the process of obtaining the certificate.
VA Benefits and Military Home Loans
There are many unique benefits that come along with taking out a military home loan. One of these is the ability to receive a loan up to $729,000 - with no down payment. Additionally, borrowers can usually secure lower rates than those offered by conventional loans, even with less than perfect credit. There is also the added benefit of no monthly mortgage insurance.
Another extremely helpful feature of a military home loan is the limits imposed on lender fees. Limits are set on the closing costs, appraisal fees, and origination fees. One fee that borrowers will be subjected to is the funding fee, which is added on to the mortgage amount. This means that even though borrowers will be paying this fee, they will not have any out-of-pocket costs associated with it. This fee can range from 0% to 3.3%. Those who are classified as 10+% disabled do not have to pay the funding fee. Those who still have the fee and have the cash reserves to put money down can lower their funding fee by doing so.
For veterans and surviving spouses, a military home loan is the perfect solution to all their housing needs. Find out more information about a VA Loan and Prequalify now.
