If you are currently an active duty military member or have already served your country and are a veteran, there are certain government programs that have been put in place to assist you. It’s in your best interest to find out more about these programs, which can help you with everything from obtaining an education to buying your first home. In the case of those who wish to purchase a home, the VA Loan Guarantee Program is something to learn more about. You can find out if you are eligible by filling out an online form here.
However, the general Eligibility Requirements for the VA Loan Guarantee Program are serving as an active duty service member for a minimum of 181 days, or for three months during times of war. Those who served for six years in the National Guard or Reserves will also qualify for this type of home loan, as will spouses of military members who died during duty. This loan was created by the Veterans Affairs Department, in order to help those who have served establish a life back home. It offers an array of advantages that you won’t find with any other type of home loan or mortgage program, which is why it’s in your best interest to find out more about it.
The reason why this type of loan offers special benefits is that through the VA Loan Guarantee Program, the VA promises to repay a quarter of the loan back to the lender should you default on your mortgage payments. They essentially guarantee the loan, allowing the lender to issue it with confidence. Under normal circumstances, it’s estimated that about 80% of service members would be unable to qualify for conventional home loans, which is why this type of loan is so beneficial. Those with less than perfect credit may still be able to qualify for a home loan, and no down payment is needed.
There are many reasons why the VA Loan Guarantee Program may be right for you. It contains the following benefits:
- Right to prepay without penalty
- Negotiable mortgage interest rates
- No down payment needed
- No need for private mortgage insurance
- Regulated closing costs
If you think that you are eligible for a VA loan, these benefits could help you buy new home. It’s worth looking into the loan guarantee program, to find out if it could help you achieve your dreams.
VA Loan Captain, Inc. is a Service Disabled Veteran Owned Small Business that assists veterans and servicemembers obtain use their VA Home Loan Benefits to get a competitive interest rate with their network of pre-screened and VA Approved Lenders.
For more information please visit www.valoancaptain.com for more information or to get a no cost or obligation consultation.