Reasons Why You Shouldn’t Ignore Military Home Loans
Military home loans are not a specialized service other than the ones that cater to the needs of the military home loans. It is about finding a good lender for your loan. The best part about working with a quality-oriented VA loan officer is that one can get all the benefits and assistance from such an officer from where you can get extra information on how to secure an excellent loan quote.
Military home loans have their own set of requirements
The Department of Veteran Affairs (VA) is a government agency that provides many resources for veterans who want to buy homes. Military home loans are available to veterans, service members, and their spouses.
Tapping into the VA’s programs gives you access to financing that can help you finance a new home, refinance your existing mortgage or consolidate your current mortgages into one loan. And, the VA doesn’t charge a fee for its services.
The program can be confusing and time-consuming, but with thorough preparation and careful planning, you can navigate through the system. The U.S. Department of Veterans Affairs offers plenty of resources on its website to guide you through the process.
Myths about military home loans
There are many myths regarding military home loans. The first and most common myth is that VA loans are loans provided by the Veterans Administration. This is not the case. VA home loans are provided by private lenders such as banks, credit unions, and mortgage companies. The VA simply guarantees a portion of the loan, to protect the lender from loss should the borrower default on his or her mortgage.
Another myth about a military home loan is that you must be a veteran to qualify for a VA mortgage. While it is true that you must meet certain service requirements to be eligible for this type of home loan, it does not necessarily mean you have to be a veteran. All active duty service members and honorably discharged veterans are eligible, as well as those currently serving in the Reserves or National Guard, so long as they were called up for at least six years of active duty service and have been honorably discharged. In addition, reservists who have completed 6 years of Reserve service or National Guardsmen who have completed 6 years of both Reserve and National Guard service also qualify for a VA loan.