The VA mortgage loan program is one that allows Veterans of the U.S. Armed Forces to obtain support in obtaining a mortgage loan. Individuals will need to meet qualifications to obtain a VA loan. Generally, this means being a member of the U.S. Armed Forces for a specific length of time, either in wartime or during peacetime. The length of time required depends on a number of factors including the specific years and months you've served.
Individuals who qualify for VA mortgage loan programs gain significant benefits including:
• These loans have no down payment requirements.
• Interest rates tend to be significantly lower than traditional FHA or conventional loans.
• Individuals may qualify to purchase a larger home based on the support of these loans.
• There is no requirement to maintain private mortgage insurance.
• The loans have reduced closing costs.
Individuals who wish to obtain a VA mortgage loan will need to obtain a qualification certificate from the Department of Veterans Affairs. Generally, when applying for a mortgage, your loan officer will work closely with you to determine if you qualify and help you to secure all necessary documents. As long as you are active duty or honorable discharged and served in the U.S. Armed Forces (in any sector) for the required amount of time, you'll likely qualify for this type of affordable mortgage loan. Contact Midland Mortgage today and find out if you’re eligible for the VA Mortgage Loan Program.