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Members Of The Military Can Get Great VA Home Loans

01 Jun Posted by in Mortgage Reduction Updates | Comments
Members Of The Military Can Get Great VA Home Loans
 

By Craig E. Boren

VA Home Loans offer numerous benefits over traditional, mainstream mortgages for those who are qualified to receive them. In order to qualify, one must be active duty military personnel or a veteran who has worked at least 90 days at war or 180 days at peace, in service of the US military. The spouses of deceased members of the military may also apply for these loans as long as their former loved one met the necessary stipulations and died during active duty or training.

Even with approval from the Veteran’s Association, individuals must still apply for the financial component of the loan using a private lender. An applicant will find a bank, apply for a loan and apply for extra backup of Veteran’s Association protection. Only under very rare circumstances is the Veteran’s Association ever involved in meeting the genuine financial need of the applicant, instead the bank handles the finances and the VA acts a sort of insurance or backing for the individual who applied.

When approved, most individuals are not required to contribute a down payment or closing costs and often the terms of these loans are often lower in interest and far more flexible than other mortgage types. Thanks to the backing that this type of program permits, individuals who could not get approved for a traditional mortgage on their own because of a low credit rating may not have a problem getting approval with the Veteran’s Association style mortgage.

Even more advantageous than all these other benefits is the fact that these loans come with a forbearance clause that will require the military to help make payments on the behalf of the owner for a brief period of time in the event of a financial hardship. Additionally, getting approval is a pretty pain free process, with many applicants walking away prepared to buy a home within hours of applying. Both previous and new home owners who meet the qualifications for this special type of mortgage are urged to apply.

VA home loans offer a fantastic advantage for those individuals who have proudly served our countries and their families. With a VA home loan it is possible to save thousands of dollars off the overall cost of a home purchase. If you meet the qualifications for this sort of mortgage it is definitely worth looking into before you buy your next home.

Utilizing your home loan benefits will provide you with incredible savings and opportunity. Get started saving money with your VA home loans. Knowing how to save time, money and frustration, check out vamortgageleader.com.

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