If you are a veteran or an active member of the United States armed forces, having served at least 181 days during peacetime, 90 days during war time, or six years in the Reserves or National Guard, you may be able to claim a va home loan or mortgage refinancing program. And these VA home loans offer some of the best interest rates and lowest fees in the mortgage market.
So What is a VA Home Loan?
VA home loans are a special type of loan that is offered to veterans of the United States armed forces, or the spouse of a veteran that was killed in the line of duty. These VA home loans are backed by the United States Department of Veterans Affairs, and have no mortgage insurance fee. They can also have a much lower interest rate than standard home loans, and so save veterans a great deal of money in the long run. If you are a veteran and want to secure a low interest mortgage, then keep reading to learn more about VA home loans.
In addition to standard mortgages, if a veteran already has a preexisting loan, there is also the option of refinancing the loan into a VA loan. Refinancing for veterans comes in two forms: one for those with existing VA loans, and another for veterans who desire to refinance an existing non-VA mortgage.
So far there have been a total of 20 million home loans guaranteed by the Department of Veterans Affairs since the programs creation and initiation in 1944. Despite its long history, the program has been especially popular in the seller's market of the past five years, three of which saw new records for the VA. In 2016 the VA reached a total of 707,000 loans guaranteed.
Not only that, but the refinancing option has kept many veterans from losing their home to foreclosure. So far, a total of 500,000 veteran homeowners have avoided foreclosure thanks to VA loans.
If you are, or were, a member of the United States Armed Forces, you could qualify for one of these VA home loans, or have the ability to refinance your current loan. Please contact us for more information or to discuss your loan options.
Photo courtesy of Ethan Wagner