VA home loans are a useful and powerful way to purchase any property. VA home loans offer a zero down payment option as well as a competitive mortgage rate, both critical elements of a mortgage. As one may imagine, one must be or have served in the military for a set period of time to be eligible for a veteran loan. Some other individuals may be eligible even though they are not veterans but they are related such as a widow of fallen serviceman or women.
In order to apply for a veteran loan, Americans must first obtain a certificate of eligibility (COE). Unfortunately, having a certificate of eligibility does not mean an individual is guaranteed a veteran loan; he or she must still be approved. Veterans still need to show a certain amount of credit history to persuade the lender to approve the loan. Also the department of veteran affairs set a number of guidelines that must also be met by the applicant.
Contrary to the
Apart from a competitive rate, mortgage insurance is not required with veteran loans where conventional loans require their lien holders to spend a few extra hundred dollars a month until equity builds up to 20%. In a labor environment where the average American household salary has not changed for over a decade, savings from paying mortgage insurance matters!
For readers who have served or are serving now and thinking to purchase a property this summer, a VA home loan is definitely the affordable option. If interest feel free to contact a local
Read the full story at http://www.prweb.com/releases/2014/06/prweb11903845.htm
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