The U.S. Department of Veterans Affairs (VA) offers military home loans, also known as VA loans, for active or retired military officials and qualified surviving spouses. These loans help put military personnel into homes and provide several different money-saving benefits that are generally only available through a VA loan. If you are an active serviceman or woman, veteran, or widowed spouse of a former military member, look no further than MyLendingPal. We offer VA loans for individuals in Florida and Georgia, and have helped several U.S. military members receive the home loan benefits they rightfully deserve.
What Are VA/Military Home Loans?
As one of the most important benefits provided to members of the military, a VA loan can help families afford a home during active duty, reserve, or retirement. A VA loan enables a military family to buy an existing home or have one built in order to establish a primary residence. They can also use a VA loan to refinance the existing loan on their current home. MyLendingPal is able to work with military members to provide lower interest rates and closing costs as the VA protects some of the loan against loss.
What To Expect From A VA Loan
When choosing a VA loan, you can expect to be provided with better options to keep up with your payments than other financing services. Military home loans provide personal loan servicing and financial counseling to assist individuals with navigating mortgage payments or those who are suffering from financial issues. As one of the safest loan options available, VA loans offer military members with the least stressful solution for home financing. The VA has assisted hundreds of thousands of families with their loans to avoid foreclosures and retain ownership of their biggest investments.
The Benefits Of VA/Military Home Loans
Individuals that qualify for a VA loan should receive a host of benefits, including lower interest rates and no prepayment penalties. Unlike most home loans today, a VA loan allows buyers to purchase a house without having to put any initial down payment on the home. The VA loan program allows equal opportunity for qualified borrowers to obtain a home loan, regardless of their credit score (to a varying degree). These loans are reusable and can therefore be used for future home purchases upon meeting certain requirements.
Other benefits for VA loans include the elimination of unnecessary fees – there is a one-time funding fee, and veterans receiving disability compensation from the VA are exempt from it. You do not need to acquire mortgage insurance in order to obtain a loan, as the VA may provide assistance if there are issues with payments. In addition, these loans protect the buyer as the home they intend to purchase must meet standards and requirements to ensure the property is in compliance with safety and sanitary laws.
How To Receive The VA Loan Benefit
Before you are granted access to the VA loan benefit, you must fully understand the requirements and determine if you are eligible. Review the service and discharge requirements established by the VA and apply for a certificate of eligibility (COE). The COE application should take about 4 to 6 weeks when sent in by mail, but can be processed in a matter of seconds when filed online. Once you receive your COE, a mortgage lender, such as MyLendingPal, will help with the pre-approval process to help you begin the home buying process. The loan process ends when the purchase agreement is signed by the purchaser.
Eligibility For VA/Military Home Loans
To be eligible for a VA loan, you must be a current or former member of the U.S. military. This includes every brand of the military, as well as the National Guard and Selected Reserve. In most cases, you can be eligible for the loan regardless of whether you have been activated for service or not. Once you have been deemed eligible for the VA loan, your benefit will never expire and can be used for any home loan payment you see fit.
Surviving spouses of military servicemen and women can be eligible if they meet certain conditions. One of such conditions applies to a surviving spouse whose counterpart has been considered missing in action or a prisoner of war. An unremarried surviving spouse of a veteran who has died in service or from a disability acquired during their time in service is also eligible. Surviving spouses of a veteran who had total disability may also be eligible, even if it was not the cause of death.Other eligible surviving spouses include those who have remarried on or after December 16, 2003 and were at least 57 years of age at the time of marriage.
Speak With MyLendingPal About A VA Loan
VA loans provide an exceptional benefit for current and former military members and certain surviving spouses. MyLendingPal will help provide you with the opportunity to get pre-approved and start financing your home as soon as possible. Whether you intend to buy, construct, or improve a home, or simply finance your current home, we will work with you through every step of the process. For more information about eligibility or to get started with your application, call MyLendingPall at 833.379.0797 or apply for a VA loan online today.