VA Loans Can Help Those Who Have Served Our Country

First, I would like to thank all those veterans who are serving or have served in the military. Your service to our country is greatly appreciated.

In honor of Memorial Day this past week, I thought it would be appropriate to write about how our veterans can benefit from their dedicated service in the military by obtaining low-cost financing for a home loan via their VA benefits.

VA loans are great for the people serving our country or who have served in the past.

There are many benefits to using a VA loan to buy a home.  There are no down payment requirements, there are no age limitations, you can use your VA benefits more than once, they also can be used to not only buy a home, but also to refinance an existing loan and a surviving spouse with benefits can also qualify. Currently interest rates on VA loans are near 4.5 percent.

To qualify for a VA loan:

1)  You must have been honorably discharged from the U.S. military.

2) Your credit score must be above 640.

3) You must be able to verify your income and show a steady stream of income. If you are self- employed, you must be able to verify your income with two years of tax returns.

4) There is no down payment requirement.

5) You do have to pay a VA funding fee, which is typically 2 percent of the loan amount and can be funded into the loan. If you are a disabled vet, this fee may be waived.

6) You must be two years out of a bankruptcy filing and be current on all payments after the bankruptcy.

7) A spouse’s income, regardless if they served in the military, can be used to qualify them.

Many of our veterans do not even know that they qualify or do not know how to go about obtaining their benefits.  Feel free to call me to find out if you qualify.