Are you a veteran interested in purchasing your first home or just a new home? Maybe the first time you purchased a home it was before you had served time so you were not qualified for vet home loan rates. Maybe it is just your first time purchasing a home, so you are not sure what you qualify for or why going through the VA can be helpful when looking at and buying a new home. Either way, the VA offers a multitude of benefits that can make finding and securing your dream home that much easier.
The VA can be beneficial when searching for your home in regards to finding the best VA loan program to use, the best VA mortgage rates and the best vet home loan rates. This is because the VA is truly dedicated to helping veteran receive all the assistance they need to live a happy, healthy and fulfilled life after they have served their time and protected the United States.
With so many veterans living in the United States, the VA has quite the job to tackle. In the state of Texas alone there are more than 1.5 million veterans currently living. When the median income for veterans is not extremely high, the VA is there to help them secure everything they need to live comfortably. For instance, even though veterans in Texas on average make around $40,226 a year, with the help of the VA, these veterans can still find their dream home and successfully secure it if they go through the VA and receive the top vet home loan rates.
It can be tricky tackling the first step to applying for a VA home loan: finding out whether or not you qualify and what you qualify for. There are some simple guidelines to follow as you get started in this process, though. Really, it all depends on how long you served and during what time or in what area. For instance, if you served in the Reserves or the National Guard, you need to have served for at least six years to qualify. If you served during war time, you need at least 90 days to qualify. If you served during peacetime, you need at least 181 days to qualify for vet home loan rates. Lastly, you may qualify if you are the spouse of a service member who was killed.
Statistics show that the VA actually does help veterans who are trying to find and purchase their first home or just a new home. Throughout the entire country, the VA helped around 707,107 veterans get the best loans for their homes in 2016 alone. All-in-all, the VA has been dedicated to helping any and all veterans with home ownership issues and securing home ownership. Around 22 million veterans are lucky enough to have received just the loans they needed due to the help of the VA. Home loans, whether they are with vet home loan rates or normal home loan rates, can vary depending on a variety of factors. The VA can help you assess your needs and your financial situation in order to find the best VA home loan rates prior to purchasing your new home.
If you choose to not go through the VA for your home loan, you may miss out on plenty of other benefits, too. For instance, the VA is able to offer 50 basis points lower when it comes to mortgage rates than what conventional mortgage loans are able to offer individuals throughout the country. The VA can also help you receive 100 percent financing for your home, and they can help veterans skip over any mortgage insurance rather than having to deal with that.
Have you ever visited or spoken with the VA about different vet home loan rates and mortgage rates or about different loan requirements? Let us know in the comments about your experience working with the VA and whether or not you were able to find and secure your new home.