Many people dream of buying a home and with the low VA Rates today make it a great time to consider taking action. If you are planning on getting a home loan, you might consider getting a VA loan. But the big questions are, why choose a VA loan over a conventional loan? Who are eligible? And last, what are the unique advantages that go with the loan?
Why Choose A Veterans Loan
With VA Rates at historic lows the Veteran Administration Loan program makes it even easier for veterans to get approval for a home mortgage. VA loans are often available with no down payment, no private mortgage insurance and no closing costs. A Veteran loan gives veterans advantages that are not available in conventional home loans.
VA Loan Eligibility: Who Are Qualified?
The following are eligible for a VA loan.
1. Former members of the military on active duty during the World War II or later and who have not been dishonorably discharged.
2. Veteran soldiers who have 90 days of service during the World War II, Vietnam War or Korean Conflict.
3. Current members of the military who served in the armed forces of a government allied with US in World War II who have not been dishonorably discharged.
4. Cadets at the United States Military, Air Force or Coast Guard Academy.
5. Public Health service members
6. Midshipmen at the United States Naval Academy.
7. Midshipmen at the United States Naval Academy.
8. National Oceanic and Atmospheric Administration officers.
9. Public Health service members
Unique VA Loan Benefits and Why It Is Right For You
Below are the top 5 unique characteristics of financing a house when you compare the VA Home Purchase Rates with a Veteran Loan.
1. No Down Payment. You can finance up to 100% of your home?s value. This is perfect for veterans who have no cash on hand for down payment. The VA will lower the fee if the borrower makes a down payment of at least 5 percent.This no-down-payment loan option continue to exhibit the lowest rate of foreclosure in the market today.
2. No Out of Pocket Closing Costs. A VA loan offers a much lower closing cost compared to other conventional loans. Essentially, you are still paying for the closing costs, only you are just including them in the price of your newly purchased home.
3. No PMI Insurance. A private mortgage insurance is not required and lenders are prohibited from requiring it. One of the many reasons why a veterans loan is preferred over a conventional loan.
4. VA Loan Limit. In most US counties, the loan limit for each applicant is $417,000. However, certain high cost countries like Hawaii and Alaska have loan limits up to $625,000 per applicant.
5. VA Loan Limit of up to $417,000. Fully eligible veterans are guaranteed a loan of $104,250 simply multiply that by 4, the maximum loan amount is $417,000 up to their county limit. VA loan limits for high cost countries were raised up to $625,000 per applicant.
Nevertheless, how good this type of loan is with extremely low VA Rates is not for everyone. They are only available to veterans, active duty service members, National Guard members and etc. For a financial peace of mind, find the right lender and purchase that house of your dreams using a VA loan.
Now easier than ever you can find the best VA homeloan? Find out in 2 minutes flat by going to VA-Loan.org and shopping for the best VA Loan Today.
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