VA Home Loan
There are many mortgage products available on the market today, and interest rates are at an historic low. If you are in the market for a loan, you want to keep all of your options open. If you are a veteran, it really pays to find out about VA home loans and mortgage refinancing before simply going for one of the other loan programs that are out there.
VA home loans are specifically designed for Veterans of any of the US armed services organizations, and unless you are a veteran, you cannot even apply for one of these loans.
You must be able to show documentation that proves that you are a veteran. If you currently have a VA loan, you cannot qualify for another VA loan until the first one is paid off or sold, or you get a mortgage refinance with a different loan product. Each veteran can only have one VA home loan at a time.
In many ways, a VA home loan is the best loan product around because you can get 100% financing, which means that you will not have to come up with a down payment of up to 10% like you would for other types of loans. In fact, depending on the circumstances you can borrow up to 103% to cover all of your closing costs. While you still have to meet certain credit history and income criteria, not having to come up with all of that money for the closing is a very real benefit.
Because the credit requirements are lower than for traditional loans, if your credit is not as good as you would like, you may still be able to get a VA loan instead of a bad credit mortgage in order to purchase a home. If you have a home already and didn’t get a VA loan for the first mortgage, you may be able to get a mortgage refinance using your VA eligibility.
As you can see, if you are a veteran, a VA home loan is one of the best loan products available. It is relatively easy to qualify for if you can prove you are a veteran, and although there will be some paperwork and documentation required, it is relatively easy to apply for. With the ability to purchase a home with no money down, you are way ahead of the game, and if you roll your closing costs into the package as well, you don’t have to worry about saving for months before you purchase that home you have your eye on. The VA loan is a wonderful loan product, especially with the currently low interest rates.