Are you planning to buy a new home and worried about finances? If you have served and are still serving as active duty personnel in the U. S. military, then you can opt for a VA home loan. Introduced in 1944, these loans offer numerous benefits like no down payment, competitive interest rates and no private mortgage insurance. These benefits have proven to be a boon for military veterans as well as their families amidst the grim economic situation. The U.S. Department of Veteran Affairs (VA) has provided benefits to around 20 million veterans and service members over the years. In addition to that, various states have also designed and implemented several programs for veterans. The state of Texas could be a good example in this context. Many military veterans want to buy a home in Texas as there are several military bases located across the state. VA loans in Texas help them get their dream home conveniently and affordably. Veterans who are eligible for VA loans also get VA loan entitlements. This is a specific sum that the Department of Veteran Affairs promises to guarantee. However, there are some basic qualifying criteria that they need to fulfill to receive this loan. Eligibility Criteria There are two categories of service requirements when one is in the military; these are - wartime and peacetime. To be eligible for a VA home loan, homebuyers need to satisfy one of these two requirements that have been set forth by the Department of Veteran Affairs. Current and former U.S armed forces can get the VA home loan benefit if they meet the service requirements. You will be eligible for VA loans if you have provided 90 days of uninterrupted service during wartime and 181 days during peacetime. People who have served in the National Guard or Reserves for more than six years are also eligible for this loan program. In case you are the better-half of a service member who lost his life during their term of service or suffered any disability when serving, then you are also eligible for a VA loan. Loan Credit and Income Eligibility If you are interested in getting a VA home loan, then you need to meet the credit and income requirements that are necessary. Though the Department of Veteran Affairs has not levied a minimum credit score, ideally a borrower should have a credit score of 620 or above. Contact a reputed mortgage company to know more details about various mortgage programs and how to go about the application process.
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AuthorDarrick encourages readers to post issues that need immediate attention in terms of home buying; such interactions will enhance reader engagement and provide a road-map for others Archives
November 2017
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