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VA Loans can save you a ton of cash

By admin On September 10, 2010 Under VA Loans, VA Purchaes Loans, VA Refinance Loans

If you’re an active military person or a veteran, VA loans offer the greatest house buying opportunity, especially nowadays with the economic crisis at hand.  They give you the fastest approval, multiple benefits, and easy requirement of any home financing around.  If you’re military, a VA loan should be your first stop when considering purchasing a home.

If you’ve waited years to become a homeowner then your waiting is over.  VA loans don’t need a down payment and few need any upfront fees to sellers or lenders. You can use the money you save for any other desires you want.

Home mortgages require insurance or more commonly known as PMI.  When you have a military loan this is waived and the VA guarantees the lender the payment to ward off defaults on mortgages. This means you don’t need any extra money for the insurance and at the cost of PMI you can save the funds for other uses.  It also helps reduce the overall cost of borrowing.

Applying for a VA loan is less restrictive than traditional loans.  You don’t need a huge income to qualify, a minimum credit score, and a delinquent free payment history of a year can put you into a home loan from the VA.  Other traditional loans require a debt-to-income ratio and the VA enforces this so you can handle the debt of buying a home.  All of these are easy to achieve with a little bit of work and you should be able to get your home loan without any hassles.

To qualify you have to be an active military member, retired military, or a spouse of a military person.  Requirements are based on the year of enlistment, rank, discharge, death of spouse, and other factors.  At this time, any dishonorable discharge cases will not be available for a VA loan.

In today economic climate, this is a deal you should not pass up!  It’s a great time to buy a home with a VA loan and get the best interest rate that’s around.  You not only get a good low interest rate but you’ll also get a huge savings on mortgage payments.  The VA works with lender to ensure your house payments at the lowest you can get.  They provide a hassle free applications process with minimal out of pocket cash.  They also help those with bad or not so good credit and low income.  To put it very simply, getting a VA loan is packed with incentives to make the process easier, faster, and hassle free to get into your new home a quick as possible.

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