VA First Time Home Buying Loan Programs Online-Apply For The Federal Housing Loan Finance Assistance For Low Income and Senior Veterans
VA home loan programs are comprehensive resources for home buying for active military personnel, veterans, service members and their spouses.
Home buying is one of the costliest expenses in today’s market scenario. It is hard to arrange enough financial resources to buy a home of your dreams.
However, if you serve your nation to ensure its safety, you have the priority in the first place to avail all the best benefits of VA home loans.
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The easiest draw of VA home loans is its zero-down payment criteria; requiring for no credit leniency and income requisite to apply for it as opposed to traditional methods of first time home buying loans.
Additionally, it has lower interest rates in comparison to conventional home loans and doesn’t ask for private mortgage insurance. You can grab the opportunity to get the federal funding assistance for a new home. It is the best home loan program for you right at the moment.
Currently, VA loans are the best available home loan programs for veterans having served in the country’s military forces. According to Trulia, it is VA home loans that enable about 79% veterans all across the nation to purchase their own homes. Compared to 63% of non-veteran individuals.
In addition to this, in the last couple of years, the number of VA loans has grown; but the applicants to this federal housing assistance program have significantly gone down.
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And, despite its easier process of the loan disbursement and other benefits, more and more military service personnel and veterans do not use this first time home buying grant to the fullest potential.
Why Veterans Prefer Conventional Loans To VA Home Loan Programs?
The foremost reason for declining interests of the veterans towards VA loan is unawareness and negligence.
Most veterans do not have enough knowledge about how this loan program works. They often assume this federal funding opportunity as inferior loan products.
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At the same time, lenders play unscrupulous tactics by not promoting the features of the VA loans. They present their own veteran products in a larger spectrum and encourage them to go for it to increase the interests of the bank.
Furthermore, VA loans are time-consuming and effort-intensive process as compared to conventional loans. This does not yield high profits for the lenders.
Thereby, it is lenders who do not want you to benefit from VA home loans, rather encourage you to choose their products. But, if you are aware and determined to get benefits from the federal government, you can easily qualify for it.
The Process of VA Loans
If you want to purchase your principal home; you are entitled to borrowing as much as $417,000 with no down payment and no debt ratio. Hence, its benefits are quite higher than conventional loans. You can even apply for home loans in case you want to refinance your existing loan.
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How To Apply For It?
All veterans and most members serving presently in the military service can apply for VA home loans. They can apply for this loan after six months of their active service in the field.
Several Eligibility Criteria
Active participation for 90 consecutive days during wartime
Offered service for 181 days during peacetime
Six years of long active participation in the National Reserve or Guard
The spouse married to a service member, who has lost his life during the service
In order to apply for a Certificate of Eligibility, the eligibility criteria remain the same. You can ask your lender to get one, or you can apply online at VA.Gov.
It is better you apply it through a lender as it increases your chances of qualification.
Hence, never overlook the benefits of VA loans, and apply for it today to purchase your own home.
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