VA loans offer several benefits over conventional mortgages, in part because they’re backed by the US Department of Veterans Affairs. If you’re looking for a home loan but don’t have a large down payment, a service history will help you secure a great deal. Midland Mortgage Corporation will help you find the best financing package for you, whether you’re purchasing your first home or refinancing.
Do you qualify for a VA loan? We can certainly help you find out. These low-interest, no down payment mortgages aren’t just for retired veterans. A number of current and former service members meet federal guidelines for VA funding, including:
Eligibility guidelines can be tricky, so it helps to work with an experienced residential mortgage consultant. For instance, most members of the National Guard can apply after 6 years of service, 181 days of active duty or after being stationed in a war zone for 90 days or longer.
These loans fell out of favor in the past because they tend to take longer to process. Working with an experienced professional will speed up the process, and you’ll gain access to some of the best loan terms on the market. In addition to ultra-low down payment and interest rates, you’ll face less scrutiny when it comes to your credit score and history and you’ll be charged lower closing cost fees – which you can wrap into your loan. You also won’t need to pay PMI, which provides a significant boost to your buying power.
As part of the VA lending program, anyone who qualifies for funding is also guaranteed additional protection from foreclosure. Whether or not they currently have a VA loan, there are many ways Veterans Affairs is capable of helping. In fact, VA refinancing loans have grown significantly over the past five years, as borrowers escaping foreclosure have moved to programs allowing for 100% refinancing, lower credit qualifiers, and minimal closing expenses.
Learn more about Midland Mortgage Corporation’s other government lending programs, including USDA rural housing loans. You’ll be surprised by who qualifies.