The U.S. Department of Veterans Affairs helps service members, veterans, and eligible surviving spouse to become homeowners.
HERE IS WHAT THAT MEANS:
The V.A. will guarantee a certain portion of the loans that are granted by private banks and mortgage companies for those listed above. The eligibility of these programs depends on your length of service, service commitment, duty status and character of service. You must a have served for a minimum of 3 months on active duty during war time or 181 days on active duty during peacetime.
HERE IS WHAT YOUR BENEFITS COULD BE:
1- No down payment: with a VA loan a qualified borrower might be able to finance 100% of the homes value without taking any money out of pocket
2- No private mortgage insurance ( PMI ) this would be required with less than 20% down on the purchase price. Because theses loans are guaranteed by the government, veterans could potentially save thousands on their mortgage.
3- A competitive interest rate is available. In most cases a mortgage through the veteran program comes with an interest rate 0.0375 % lower than one through SONYMA. Again, possibly saving thousands over the life of the loan.
For more information on whether or not one of these programs could work for you visit one of the sites below or contact one of the numbers provided
Christian Babcock - Loan Depot
Cbabock@loandepot.com or visit www.loandepot/cbabcock a direct lender of VA Mortgages