VA loans continue to provide cost-effective and accessible loans to military men and women and their spouses.
In today’s market there are many obstacles for a home buyer when it comes to applying for a mortgage. Many potential home buyers have been pushed out of the market altogether because of the stricter credit and income requirements. However, throughout the housing market meltdown, the VA loan program has done a great job of serving those who have served us! It has continued to provide cost-effective and accessible loans to military men and women and their spouses. Understanding how a VA loan works is the first step toward getting into your dream home. Equally important is understanding what qualifications you need to meet to be eligible for a VA loan.
Know the Benefits
Knowing what the benefits are of a VA loan is the first step. These types of loans are unique in that they do not have certain restrictions that most people have with conventional loans. Here are 3 major benefits:
- No down payment
- No PMI (Private Mortgage Insurance)
- Competitive mortgage rates
The VA mortgage offers 100% financing to veterans and their spouses. In addition, veterans do not have mortgage insurance on the loan. There is a funding fee that ranges from .5 to 3.3%. The funding fee is waived for a veteran that receives a minimum of 10% VA disability compensation.
Because the VA mortgage gives lenders a greater degree of flexibility and safety, it offers more competitive rates than non-VA loans.
How to Qualify
Military men and women can qualify for a wide range of benefits and chief among these is an opportunity to take part in the Veterans Affairs Home Loan Program. While it is designed specifically for those who have served their country, there are a few requirements that they must meet. One of the following conditions must be met:
- Served 90 consecutive days of service during wartime.
- Served 181 days during peacetime.
- More than 6 years in the National Guards or Reserves.
- A spouse of a service member who died while in the line of duty.
Where to Start
Better Rate Mortgage has over a decade of experience helping St. Louis veterans get approved for VA mortgages in St. Louis. They can approve your mortgage prior to finding your new home with his one of a kind “TBD Mortgage Approval Program”, so you can shop with confidence. If you would like to find out what VA loan you are eligible for, call Better Rate Mortgage at (314) 361-9979 or apply online today!
