Veterans mortgage programs might not sound familiar, but they can be an incredible resource for eligible candidates.
Home loans available for veterans
are designed to alleviate some of the financial burden that comes with purchasing a home. These flexible loans are a great resource to veterans and their families.
1. No Money Down
People serving in the military don’t have the typical chance that most do to save money or build credit. Moving around on a regular basis makes it difficult to establish a traditional financial profile. With the veterans mortgage program, veterans can finance the entire purchase of their home without putting down a single penny upfront.
2. Less Lender Risk Equals Lower Interest Rates
Because these veteran mortgage loans have federal guaranty, the lending banks don’t assume as much risk by backing them. Therefore, they can afford to offer more competitive interest rates that further minimize the burden of the borrower.
3. Basic Allowance for Housing Included
Veterans mortgage programs take the BAH into consideration when assessing the income. This means that veterans can qualify for a better mortgage based on an income that includes this figure.
For more information about veterans mortgage programs, visit here.