Getting a VA loan to purchase a home is one of the many ways to maximize your VA benefits. Becoming a homeowner can be more than just a dream or a good idea; becoming a homeowner can be your reality. VA mortgage loans provide many financial benefits that many veterans fail to take advantage of. These benefits include being able to qualify and purchase a more expensive house than you would with an alternative loan option. You may also save money on private mortgage insurance, and even get a lower interest rate. Keep reading to find out if using a VA mortgage loan is the right choice for purchasing one of the many great St. Augustine homes for sale.
How Do You Know If You Qualify For A VA Mortgage Loan?
There are a handful of specific criteria you must meet to qualify for a VA loan. The first step is completing a Certificate of Eligibility. Additionally, to qualify for a VA loan, you must meet the following requirements:
Additionally, it is possible that some members of the National Guard or Selected Reserve may also qualify.
What Is A VA Loan?
The history of the VA Loan shows that the program was put into action in 1944 and was meant to assist veterans who were returning home from the war. VA Loans are for purchasing or refinancing a home and is offered as a ‘thank you’ for serving their country.
Why Use A VA Loan Instead Of A Conventional Mortgage Loan?
First, obtaining a VA mortgage loan is much easier than obtaining a conventional mortgage loan. This means that the credit standards and other requirements for getting a loan are not as strict with VA mortgage loans as they are with conventional loans. This is good for those who do not have a stellar credit history. Additionally, VA mortgage loans may not even require a down payment, though this is left to the discretion of the lender. One great benefit is that VA mortgage loans often receive lower interest rates than conventional bank loans, which can save you a lot of money over the life of your loan. And while many homeowners will pay for mortgage insurance, those with VA mortgage loans are not held to this rule. Closing costs on VA mortgage loans may also be substantially lower.
With all of these great benefits, if you are in the market to purchase St. Augustine real estate, it is definitely in your best interest to check to see if you qualify for a VA mortgage loan.
Date: 2008-08-22 11:59:00