VA Home Mortgage: What all You Need to Know? Are you a Veteran? If yes, you have probably heard about Veterans Affairs (VA) mortgage. If you are planning to apply for a VA home loan, educate yourself about your eligibility requirements and how this loan works. VA loan is a mortgage program guaranteed by the U.S. Department of Veterans Affairs and issued by private lenders. VA is a no down payment home loan for veterans that comes with financial benefits. VA home loans are not only financially smart, but they are also convenient.
They come with flexible credit requirements, no down payment, and access to low government interest rates. Moreover, these loans offer a lower rate than conventional loans and accept higher debt-to-income ratios. Now you must be wondering if you are eligible for VA mortgage program. Many military members have been provided with a Basic Allowance for Housing (BAH). It allows the lender to easily calculate and validate the loan amount for which you qualify as well as check the ability to repay. However, you may be eligible for VA home loan if you have fulfilled any of the following requirements.
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Served 90 consecutive days of active duty service More than 180 days of active service during peacetime Served 6 years or more in the National Guard or Reserves U.S. Public Health Service Officers Cadet of the U.S. Military, Air Force or Coast Guard Academy Spouse of a service member who has died in the line of duty U.S. Naval Academy Midshipmen
How to Get a VA Loan? If you are or were actively involved in the military, you may qualify for VA eligibility. A simple VA home mortgage process includes determining your eligibility, searching and inspecting your home, requesting your home loan, appraising your property, and closing your home loan. In addition to this, you need to have a social security number, employment and housing history, current gross income, W-2s, and certificate of eligibility to make the process smoother and convenient. To seek full advantage of VA home loan, it is good to have 620 or higher credit score. You may also qualify for a mortgage with a credit score as low as 500 if you have at least 10 percent down payment. VA mortgage in Utah offers a wealth of benefits to veterans, especially to first time homebuyers. Take the advantage of VA loan to save thousands of dollars during the life of your loan. Source: http://www.apsense.com/article/va-home-mortgage-what-all-you-need-toknow.html
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