The VA home loan is considered by most to be the best home loan program available to veterans and active-duty personnel, and in most cases that can help take away a little of the stress involved in buying a home. Even so, purchasing your first home can be both an exhilarating and frightening experience. Even though you will finally have your own home, there are a lot of new expenses and expectations that will be coming your way. You'll have to worry about mortgage rates, property taxes, taking care of the house and its many parts and pieces, and it can all be a little overwhelming for first-time homeowners.
This can be especially stressful if you're a veteran just returning from a tour overseas and still adapting to civilian life stateside.
Thankfully, the act of purchasing a home doesn't have to be all that frightening or difficult, especially for veterans. The Department of Veteran Affairs was established to assist members of our armed services in finding, financing, and purchasing their homes. And while the VA isn't known as the most functional part of the federal government, the VA home loan program has been an unqualified success. In 2015, a total of 134,808 VA home loans were granted to veterans that were first-time homeowners.
The VA Loan Benefits
The VA home loan program has many benefits to offer veterans, or the spouses of veterans, such as yourself. As long as you meet the requirements set by the VA, you can expect things like low veterans mortgage rates, no down payment, and a lower credit score requirement. In addition, you won't have to worry about costly mortgage insurance and other fees, which further drives up the cost of buying a home.
How Do I Qualify For A VA Loan?
There are several requirements that you must meet before you are approved for the VA home loan and its benefits. Some qualifications include having served 181 days active service during peacetime, or 90 days active service during wartime, or six years in the Reserves or National Guard. The spouse of a veteran that passed away due to a service related injury may also qualify.
What Are Veterans Mortgage Rates in 2017?
The rates for the VA home loan are amongst the lowest of any mortgage rates on the market today. The actual rate can differ depending on your credit score, the loan provider, and the terms and conditions of your specific loan. If you're looking for more specific information on Texas VA home loan rates, give us a call to learn more.
One easy way to know if you qualify is to consult with a lender. They will be able to explain the process of qualification and if your circumstances allow you to apply. Keep in mind that you will still need enough money saved to pay your mortgage payments. Even though there is no down payment, it is still a good idea to get your financial affairs in order before you go house hunting.
There have been more than 22 million loans given to veterans by the VA and VA approved lenders since 1944, and chances are you will qualify too.