When looking for a home loan, there are more options available to families than ever before. But what about a VA home loan? It doesn’t matter if you’re applying for a VA loan, VA refinancing or a VA streamline loan, these loans are designed to take the best care of veterans, active-duty service people and their families. But since loans frequently have difficult and somewhat obscure rules for who can qualify, some people feel intimidated by the process. Don’t be. Here’s some information that will help.
So, what do you need to know about FHA and VA loans? What are the pros and cons of each, and how do you know which one is better? Well, like I said before, loans are complicated creatures, but let me simplify each of these for you so that you can make an informed decision.
If you are in active duty and have been serving for more than 90 days, you are eligible for a loan. If you are a veteran and previously served in either World War II, the Korean War, the Vietnam War, or the Gulf War for at least 90 days, you are eligible. Or if you did not serve in the wars but served for 181 consecutive days post-war, you are also eligible for the loan.
If you are the unmarried spouse of one that has died in service, you and your family are also eligible for the VA loan. If they have gone missing in action or have become prisoners of war you may also receive a VA loan.
On the down side, FHA loans have higher mortgage insurance, and there are loan limits on the amount that can be applied for. Homes with an FHA loan must be owner-occupied, and they can sometimes take longer to process than standard loans, making you a less appealing candidate if multiple offers for the home are on the table.
When you combine all of these benefits, no other type of loan can make it as affordable to get into a home. If you are a veteran, current service member, member of the Reserve or Guard, or a surviving spouse, take some time to consider a VA loan as you are house hunting.
The amount of your loan can vary depending on where you live and whether or not it is a high-cost area. It can also depend on your credit score, but not as heavily as it might otherwise. Different lenders require different scores, so be sure to check before applying.
Although there a lot of loans and a lot of programs out there, VA home loans are far and away the best choice. VA loans, VA refinancing and VA streamline loans are all options you can choose from, whether you’re looking to buy or refinance a home. And best of all, they’re just for you.
Government Loan Pro is a licensed VA and FHA mortgage broker and we can provide a large variety of VA home loan options for you and your family. We make it easy to find refinancing options for your VA home mortgage loans, great rates on purchasing loans, and we’ll connect you to the mortgage lender who can answer your questions and help you make the decisions that fit your financial needs.
