When Should You Consider Applying for a VA Loan Sometimes the benefits of being a soldier seem never-ending. Discounts and free education on top of compensation. And the benefits do not stop when it comes to home loans, either. If you or your spouse have served or are currently serving in the armed forces, you may be eligible for a Veterans Affairs mortgage, more often referred to as a VA Loan.
Government Compensation It may not seem like that much of a benefit in comparison with the work that those in the armed forces are asked to do. Or if you have lost a loved one in the armed forces it can in no way make up for that loss. However, the United States hopes to contribute what they can to the lives of those who fight for our freedoms. Even if you are living abroad and cannot see your family, you can ensure that they are living comfortably and safely by applying for a VA loan. While those not currently in the service may be worrying about how they will afford a house and whether or not they will be able to be approved for a loan or mortgage, you should not have to worry about that.
Qualifications If you are in active duty and have been serving for more than 90 days, you are eligible for a loan. If you are a veteran and previously served in either World War II, the Korean War, the Vietnam War, or the Gulf War for at least 90 days, you are eligible. Or if you did not serve in the wars but served for 181 consecutive days post-war, you are also eligible for the loan. If you are the unmarried spouse of one that has died in service, you and your family are also eligible for the VA loan. If they have gone missing in action or have become prisoners of war you may also receive a VA loan.
Benefits of a VA Loan Veterans with VA loans do not have to worry about paying any down payments before receiving their loans, unlike the rest of Americans. They will also not have to worry about paying for any mortgage insurance. There is a small fee involved in the VA loan that is a fraction of the amount that you would be paying if you were getting any other kind of loan. If you are receiving disability compensation the fee is waived entirely. The amount of your loan can vary depending on where you live and whether or not it is a high-cost area. It can also depend on
your credit score, but not as heavily as it might otherwise. Different lenders require different scores, so be sure to check before applying. If worse comes to worse and you cannot make a payment and are facing foreclosure, the Veterans Affairs can step in and negotiate with lenders to see to it that you are given a chance to pay back on a different payment plan. Veterans that are struggling financially will be given the chance they deserve for serving our nation. Photo Credit: Poofy , darrendean