Being able to call a home your own should no longer be just a dream. Indeed, with different banks and financial corporations offering different types of loans, making that dream home come true for your family should not be difficult at all. Moreover, if you have been in the military service for quite some time, you should be eligible for VA home loans!
This is a benefit that many US military servicemen should definitely take advantage of. The US government, in gratitude to their faithful service to the country has taken measures to guarantee that US veterans will have a residence to go home to and call their own after they have served their country well.
You should qualify for VA home loans if you are among active duty veterans who were honorably discharged during or after the Second World War. At the same time, if you were able to render at least 90 days of service during a war or a major conflict, you should be eligible for a VA loan. Veterans Affairs home loans are also available to enlisted veterans who have served for at least two years after 1980. If you fall under any of the preceding categories then getting a certificate of eligibility should not be a problem at all. It is also important to know that spouses of servicemen killed in active military service can qualify for VA loans.
Most of the time mortgage brokers or VA home loans specialists should be able to assist you in determining your eligibility for a home loan under the benefits assured by law to members of the US military service. Indeed, many US military servicemen have found the solution in the VA home loans. Simply put, these are home loans guaranteed by the US Veterans Affairs service, thus, mortgage brokers can confidently give out loans to qualified applicants at a lower interest rate.
There are several advantages to getting VA home loans. Once you have determined your eligibility, there should be no stopping you from getting a loan even if you fail to qualify for other types of loans. A home loan under the programs of the US Veterans Affairs usually has interest rates that are much lower than the usual home loan. Amortizations are generally affordable and loan terms fairly reasonable! Moreover, VA loans have no mortgage insurance premiums, plus you may even avail of some form of financial assistance during an emergency which may qualify as a temporary financial difficulty. The cap on the amount of loan varies but lenders, banks and financial institutions are generally lenient when it comes to putting a cap on the loan amount.
Without a doubt, despite the financial crunch and the real estate slowdown, getting a new home should be easy for members of the US military and their families. It is the least that the government can do in order to pay tribute and express much gratitude for those who have fought and fought well in wars and rendered good, honorable and patriotic service to our country.