You’re back from deployment. You’ve had some time to think about preparing to settle down, kick off your boots and get your civilian life started. Becoming a first time home owner is top on your list. For many veterans, the dream of owning a home can seem like it’s forever 2 to 3 years out of reach. If conventional loans were the only option, that might be true.
For first-time veteran home buyers, much more favorable options are available with terms that do a great deal more to protect you as a buyer than the terms of a conventional loan or even an FHA loan. If you’ve spoken with a mortgage broker or bank representative and have not been presented with VA loan options, stop working with that institution immediately. More than likely, they either do not offer VA loans or they are very inexperienced with them, which can be extremely disastrous when talking about the largest investment you will have ever made to this point in your life.
Benefits of VA loans
VA loans were designed to help returning service members integrate more easily and seamlessly into society. This can be seen by the many benefits VA loans offer veterans and active duty service members. VA loans have no down payment requirements and lower rates than any other mortgage product available on the market. Unlike FHA and Conventional loans, they do not require you to make monthly mortgage insurance payments, which will makes VA loan payments lower than any other type of home financing. All of this is why veteran first time home buyers are awarded the best opportunity to purchase their first home than any other first time home buyer in America.
Warning to VA Buyers:
Whether you are an experienced veteran buyer or a VA first time home buyer, pay close attention here. VA loans are not like any other loan available. There are specific qualifications that need to be met in order for a veteran to get a VA loan. Please don’t think that just because you’re a veteran or in the military, that you automatically qualify for a VA loan. VA is insuring these loans and because of that, there is an enormous stake in the game for them. That is why it is extremely important that you work with a VA Specialist. If you are purchasing a home in an area that is not densely populated with either veterans or active military, local mortgage brokers and state banks will not have a VA Specialist employed. Even local Federal Banks may not have a VA Loan Specialist on staff. Because you’re online right now reading this, it’s possible you’ve already discovered this.
There are a quite a few lenders that have VA Specialists ready to assist you. Before you do business with anyone though, always Google the person you’re working with along with the institution. If you don’t find enough information about them related to VA financing, more than likely they are not a VA Specialist. Should you find negative feedback on the Mortgage Consultant, be equally reluctant to do business with that person. Once you’ve done a little research, found a well experienced VA Specialist you feel comfortable with working for a bank that charges NO closing costs, you’ll be well on your way to getting your new life started.