One of the best kept secrets in the mortgage market is one that shouldn’t be a secret. A Veterans Administration (VA) Loan is available to all qualifying military veterans and active duty personnel. If you are a veteran, active duty or reservist in the Army, Navy, Air Force, Marines, or Coast Guard it is to your advantage to talk with your mortgage provider about a VA Loan.
VA Loan Benefits
A VA loan has two attractive features that make it worth considering. The loan requires no down payment and no mortgage insurance. And interest rates are typically 0.375 – 0.5% lower than a conventional mortgage.
Zero down and no mortgage insurance are only two of the things that make a VA Loan unique. VA Loan benefits can be used more than once and simultaneously. For example, a veteran can use their benefits to purchase a primary home, and later a vacation home or rental property. Some active duty personnel take advantage of this by turning their home into a rental when they are transferred to a new location, where they buy a new home. In addition, in the unfortunate event that a disabled veteran passes away as a result of their disability the VA Loan and its benefits transfer to the surviving spouse.
Eligibility, Requirements, and How to Get Started
The first step in qualifying for a VA Loan is acquiring a Military Certificate of Eligibility. A Certificate of Eligibility is available to most all veterans and full-time active duty military personnel. Part-time members of the National Guard and military reservists can also obtain a Certificate of Eligibility and in addition need to provide a Points in Service Statement and Character of Service Statement.
It is important to work with a qualified mortgage professional who understands the VA Loan program. In addition to helping you navigate the program itself, the mortgage professional also knows other ways to help veterans and active duty personnel purchase a home. At Altabank™, for example, our mortgage experts have the latitude to lower fees if it will help close the purchase.
Altabank’s mortgage professionals are committed to helping those who served or are serving fulfill their desire to own a home. Step one is to help you pre-qualify for your VA Loan. Obtain a copy of your DD214 and your financial information and we will walk you through the process. To get started contact one of our mortgage professionals today.