Loan Options for Current Military and Veterans
If you are a Military Service Member or Veteran, you may be aware of certain benefits offered to you from the Department of Veterans Affairs. One of these benefits is eligibility for a VA Loan, which is a loan program that helps military members become homeowners. The VA Loan is known for offering $0 down payments and competitive interest rates.
It is commonly believed that these loans are provided by the VA, but this is not true. VA loans are provided by private lenders. However, The Department of Veterans Affairs guarantees a portion of the loan in order to offer you favorable loan terms and benefits.
VA Loan Eligibility
Active duty servicemembers and Veterans (except those with dishonorable discharges), National Guard and Reserve service members, eligible spouses and surviving spouses, and other uniformed service members may be all be eligible for a VA home loan. For more eligibility details, see the full list here.
Military borrowers will also need to meet eligibility criteria for the lender, which can include credit score requirements, debt to income ratio requirements, purchase price caps, and more.
The borrower(s) must also live in the property being bought with the loan. This is non-negotiable. This loan cannot be used for an investment property.
Benefits of a VA Loan
VA Loans have many distinct benefits.
- No down payment
- Competitive terms and interest rates
- No private mortgage insurance requirements
- Lower closing costs
- No penalty for early payoff
- Access to VA loan counselors that help you avoid foreclosure
If you are a service member thinking about purchasing a home with a VA Loan, we are happy to help you navigate through the process and answer any questions you might have. Because we are Veteran owned, we are enthusiastic and knowledgeable about helping military buyers.
Get Started on Your VA Loan
Affinity Mortgage Brokers is a premier mortgage broker headquartered in Colorado Springs and serving 8 states across the nation. We believe that relationships are always on the line and as such, we strive to deliver a superior experience every time.
We are veteran owned with 100+ years combined experience in the mortgage industry.
Affinity Mortgage Brokers
NMLS ID# 1062246
www.nmlsconsumeraccess.org
