Veterans’ mortgages are a potential godsend to US veterans and their spouses, enabling them to get a mortgage with little or no down payment. However, there’s more to them than just signing on the dotted line. A proper understanding of how Veterans mortgages work is key to getting the most out of them.
Here are five important points about Veterans mortgages:
1. You still need to shop around - While a Veterans mortgage is guaranteed by the VA, it’s still up to you to do your research and find the best mortgage for your needs. Take the time to get it right the first time and save yourself a headache.
2. Trust, but verify - Cases of Veterans mortgage scams are on the rise. Be vigilant, research the loan process, and you should be able to avoid such scams.
3. Check the limit - Veterans mortgages have an upper limit of how large a loan you can get. Check with the VA to find out how much you can get.
4. No down payment - A Veterans mortgage usually covers the entire down payment, meaning you only have to worry about closing costs. The seller can cover costs of up to 4% of the house’s value, including closing costs.
5. Credit-independent rates - Unlike other loans, the interest rate of a Veterans mortgage isn’t affected by your credit score. This can be a godsend if your credit rating is less than spotless.
Consult the Veterans mortgage experts at Midland Mortgage Corp. They will help you to find the best choice of government loans to help you buy your home.
For more info, visit http://www.midlandmortgagecorp.com/mortgage-applications/overview