With the possibility of being deployed and the instability that can come with military life, we feel it’s our duty to help our servicemen and women provide their families with the comfort and sense of stability that comes with owning a home. To us, it’s like receiving a medal of honor.
If you, or someone you know, is looking to buy a home and would like to learn more about VA loans, we’re here to help you evaluate all of your options. In this post, we’ll explain everything you need to know about VA loans and how to get started on your own path to homeownership.
What are VA loans?
Exclusively for veterans, VA loans are government-insured mortgages that are backed by the U.S. Department of Veteran Affairs.
Who is eligible for VA loans?
VA loans are available to veterans of the United States Armed Forces, including those who are on active duty or reserve, as well as widows or widowers of veterans. There are also special circumstances under which spouses of veterans can also apply for eligibility.
Keep in mind, you’ll need to provide a Certificate of Eligibility (COE) in order to prove you are entitled to receive VA financing. Visit the U.S. Department of Veteran Affairs website to learn how to obtain a COE. Your lender can also help you obtain a COE based on your unique circumstances.
What benefits do VA Loans offer veterans?
Designed specifically for veterans, the VA loan program comes with special advantages other mortgage loan products don’t have. Here are just a few benefits of VA loans:
- Flexible qualifying and credit requirements
- Lower interest rates
- Zero down payment
- No private monthly mortgage insurance (PMI)
- Property tax exemptions
There are even grants that allow disabled veterans to make modifications to their home. Another important benefit to point out includes the ability to finance a substantial portion of the closing costs associated with purchasing a home.
Active military personnel and veterans of the U.S. Armed Forces or National Guard and Reserves who are purchasing their first home are also eligible to receive up to $5,000 in assistance as part of the MI First Home Program. Click here to learn more. Act fact, because this grant money is strictly available on a first come, first serve basis and running out fast.
Getting approved for a VA loan
Getting approved for a VA loan is just like getting approved for any other loan, with the exception that there is some flexibility in terms of credit and qualifying requirements. Still, you’ll want to put your best foot forward when making an application. Follow these tips to learn how you can improve your chances of qualifying for a mortgage loan.
As Essex’s VA lending expert, we’re passionate about supporting veterans and stand by our commitment to help members of the military find obtainable and affordable financing options.
Have a question or want to learn more? Send us a message! We’ll put you in contact with one of our certified VA loan experts.