One of the benefits in joining the military is that military personnel and their families are eligible for a variety of benefits including being able to apply for VA loans. This is an initiative by the Department of Veterans Affairs to help military personnel and their families qualify for home mortgage through the use of a private lender.
There are several benefit of the VA home loan program. Some of these include:
- The opportunity to apply for a mortgage with little or no effective down payment
- Not being required to pay private mortgage insurance when purchasing a home with less than a 20% down payment or refinancing with less than 20% equity.
- Quicker financing, also known as an Interest Rate Reduction Refinance Loan, which allows a lender to refinance a mortgage with much less paperwork when interest rates go down.
The advantages are great, but the process can still be daunting and requires due diligence on the part of the applicant. Experienced mortgage lenders who understand the requirements for this type of loan can make the process a lot easier.
If you’re considering purchasing a new home and wonder if the VA loan is right for you, contact our offices in Joplin, MO and let us know how we can serve you.