VA Loan & VA Mortgage Benefits
Serving in the military has many benefits. Active and retired military members may qualify for a VA Home Loan, which could provide more affordable terms than conventional loan programs. VA loans, guaranteed by the Department of Veteran Affairs, are available to select active-duty, reserve and national guard servicemembers as well as eligible veterans and spouses of military personnel. For more information about VA home loan eligibity, click here.
Some of the many benefits of VA loans include:
- Fixed-rate and/or adjustable-rate terms
- No requirement for a down payment
- No requirement for private mortgage insurance
- Low credit score requirements
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. Talk with KHoward Mortgage Team today to determine whether you qualify and whether a VA loan would be the right choice for you.