Learn About the Benefits of Vet Mortgage Rates
The VA home loan program has helped over 22 million vets buy homes. In 2015 alone, approximately 134,808 vets bought their first home, and another 187,307 bought a new home. The benefits of this program are designed to reward those that made the commitment to serve their country through the military.
In addition to low vet mortgage rates, VA loans do not require mortgage insurance, and they allow the vet to get 100% financing. This means less money down at closing, and a better chance of being able to afford a home.
Like any other program, there are loan requirements that the applicant will need to adhere to, but they are more lenient than traditional loan requirements. Again, this is to encourage home ownership and provide veterans with the extra resources they may need to make that dream a reality.
If a veteran is unsure about the requirements or are interested in seeing if they can qualify for a loan, they can talk to their VA officer. When looking for a home, it is important to let the realtor know, a VA loan will be used for buying the house. Many realtors will be experienced already with the process and the requirements, so they can help the applicant prepare.
This is one of the many benefits available to veterans for their military services. Vet mortgage rates are typically lower than traditional mortgage rates making the monthly payments for the home lower. This can enable buyers to look at the higher end of their price range knowing they won’t get stuck paying a really high interest rate.
There is no reason a vet should not be able to consider home ownership an option when qualifying for a VA home loan. With no money down in many cases, and a set low interest rate, home ownership is affordable for a lot more people.
This can be used even while still in the military, so the family can have a safe and secure place to live while their loved one serves. Owning a home provides stability, equity, and can put a family on the path to a solid financial future.