Military Home Loans Through The VA

Military members, including Reservists who are on active duty and retired members can qualify for special home loans for military members through theVeteran’s Administration (VA).

Who Gives VA Loans And Why Are They a Good Deal?

These VA guaranteed loans are actually made by regular lenders such as banks,credit unions, or mortgage companies. The VA will guarantee these types of homeloans for military at up to $417,000 of the total loan, making it something lendersare interested because they will get paid at least some of the loan amount if themilitary member should default on the loan.

These home loans for military through the VA can also be applied to refinancingan existing mortgage. You can even do a “cash out” option to get more money topay off other bills, but those are cut off at $144,000.

One of the best things about these loans is that there are no down paymentsrequired, but military members still pay funding fees and closing costs. Theinterest rates of these home loans for military are very competitive too, makingthem a great choice for service members to consider.
Safeguards For VA Loans

Another advantage of the home loans for military from the VA is that they keepout the bad lenders that may try to take an unfair advantage over military membersor veterans. Should any bank or other type of lender refuse to give a loan to amilitary member with good credit due to race, color, religion, sex, disability ornational origin, they will be banned from the program.

Military builders can also get a one-year warranty on a newly built home builtto the standards the VA requires. Plus, the VA may also pay back a lender if thehome has any defects if requested within four years of the loan.
How to Get A VA Loan

Military members wishing to apply for these VA home loans for military, theyshould acquire a VA Form 26-1880, which is a request for a Certificate ofEligibility. Anyone who has served in the military, whether a veteran, active duty, National Guard, Reserves and even military spouses may qualify for this neededcertificate. This certificate is needed to apply, but doesn’t guarantee approval ofone of these home loans for military.

All in all, these home loans for military members are an excellent way for aservice member or otherwise eligible person to get a mortgage on a home and
have a way to enjoy home ownership.

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