Serving in the military has many benefits. One of them is the ability to get home loans at more affordable terms than what some conventional loan programs offer. VA loans, guaranteed by the Department of Veteran Affairs, are available to any military members who are currently serving or who have served in the past. The loans are also available to reservists and to the surviving spouses of veterans (so long as they have not remarried).
Some of the many benefits of VA loans include:
- Fixed terms
- Loan terms of 15 to 30 years
- Adjustable rates available
- No requirement for a down payment
- No requirement for private mortgage insurance
- Low credit score required
You can get a VA loan to buy a home, or you can get a VA IRRRL to refinance a current loan. In either case, you can typically enjoy lower interest rates than what you would get on other conventional home loans, and you can get 100 percent of the amount of your home purchase financed.
There are additional criteria to qualify for a VA loan besides being a member of the military, including meeting some minimum income and credit requirements. However, the threshold to qualify is low, so many military members are able to qualify for these loans. Talk with KHoward Mortgage Team today to determine whether you qualify and whether a VA loan would be the right choice for you.