VA Loan Facts Veterans Need to Know
It’s easy to miss out on things when you don’t understand them, so PS Mortgage Lending explains a few simple Veteran Affair Loan facts
America is proud of its warriors – from sea to shining sea – and it’s not ashamed to show it. The only real shame is that so few of our vets take advantage of their entitlements and how many aren’t even aware of them. Our heroes and their families have paid for our freedom with blood, earning distinguished privileges.
A good example of this is the VA Home Loan.
As a veteran, Phil Stevenson is aware of this and strives to ensure our mortgage programs help veterans get the respect they deserve, especially when it comes to owning a home in the land they fought for. VA Loans in Miami are one of PS Mortgage Lending’s specialties because we understand their importance on a deeper level than most South Florida mortgage lenders.
What is a VA Home Loan?
VA Home Loans are mortgages backed by the US Department of Veterans Affairs available to veterans, active US Military personnel, and their families. They’re obtainable to any duty servicepersons – Army, Navy, Marines, Air Force, National Guard, Reservists – as well as surviving spouses of veterans, cadets at the U.S. Military, Air Force or Coast Guard Academy, midshipmen at the U.S. Naval Academy, and officers at the National Oceanic & Atmospheric Administration. A minimum term of service is necessary and must have an honorable discharge if discharged from the military.
What are some benefits of the VA Home Loan?
The basic offers of VA Home Loans are simple.
- They don’t require any down payment. This is the only loan available with zero down
- They don’t require mortgage insurance and have low closing costs to help save money
- They are lenient when it comes to credit and income eligibility
- They have a government guarantee
- They are assumable – meaning they’re transferable to a future home buyer if that person is also VA-eligible
There are other terms that apply and may change but these specific benefits appear to be established.
Who is eligible for VA financing?
The essential qualification for VA Home Loans is being or having been an active service member.
- Having served 181 days of active duty during peacetime
- Having served 90 days of active duty during wartime
- Having served 6 years in the Reserves or National Guard
- Having a spouse who was killed in the line of duty and not being remarried
Eligibility doesn’t expire and can be applied to any primary residence in the future.
“From one veteran to another”
To Phil, it’s an honor and privilege to help his fellow servicemen and women. Our team of experts helps calculate your mortgage and finds something for you. Contact PS Mortgage Lending today and see how Phil can help you.
Are you ready to move into your new home?
Reach out to Phil Stevenson and the Expert Mortgage Team at PS Mortgage Lending
to see if you can qualify!
We think outside the box, to help those who don’t fit in the box…
Speak to one of our experts today.