Overview
We are proud to serve our Vets. As a veteran living in New Mexico or Arizona, you worked hard for your country, putting your life on the line day in and day out to serve and protect what you love. With help from the United States Department of Veteran Affairs, now your country can give back to you in the form of an affordable home loan designed to save you money and help you get on your feet. Returning from service can be a significant challenge, especially when you have a family to support. With a VA home loan, veterans have the ability to purchase a home without the struggle, significant down payment, or costly interest rates traditional loans entail.
Veterans deserve reliable assistance in exchange for serving their country, and veteran assistance loans are designed to do just that. VA home loans are excellent resources for those interested in purchasing a home without requiring extensive financial resources. Many Americans don’t qualify for a standard mortgage, but VA loans make buying property simple for veterans. Featuring low-interest rates, minimal down payment requirements, and a simple qualification process, it’s easier than ever to purchase a home. Not sure you want a new home? No problem – VA loans can be used to purchase an existing home, build a new home, or make improvements to a developed property. Some manufactured homes can be purchased with VA loans as well, providing flexible options to those in need.
VA Loan Requirements
Qualifying for a VA loan requires that you:
- Be on active duty or have been honorably discharged
- Be a qualifying spouse or family member of a veteran
- Occupy the home purchased
- Credit score of 620 or higher
Types of VA Home Loans
There are a few types of VA home loans, including:
- VA home loans – A traditional VA home loan does not require a down payment for those who meet certain credit requirements. They usually have a much lower interest rate and closing costs than other types of home loans. You can also pay back this loan faster at no penalty.
- VA jumbo loans – The current maximum loan that is insured by the government for a single family home is set at $417,000. With a VA jumbo loan, you are able to exceed that amount.
- VA refinancing loans – If your credit score, employment or financial situation has changed, refinancing your VA home loan is an option. You have the ability to lower your interest rate, monthly payment or change the terms of your agreement.
- VA streamline loans – Appraisal or income is often not required to secure this type of loan.
Benefits of VA Home Loan
VA loans offer many benefits, including:
- Low interest rate – All VA loans are offered at a pre-determined low fixed interest rate.
- Lower monthly payment – Monthly payments will not be as high because payments will be determined by a low, fixed amount of interest and no PMI.
- No down payment – On VA loans, a down payment is not usually required. This means that you’ll have to pay much less up-front when you buy a home using a VA loan
- Low closing costs – Closing costs are required to be minimal by the Department of Veterans Affairs. On a VA loan, closing costs are much lower, potentially saving you hundreds or thousands of dollars.
- No private mortgage insurance – Since the Department of Veterans Affairs insures the loan, the borrower does not have to take out additional private insurance and that can save you thousands of dollars over the term of the loan.
Charles Davis
NMLS: 299652
Overview
We are proud to serve our Vets. As a veteran living in New Mexico or Arizona, you worked hard for your country, putting your life on the line day in and day out to serve and protect what you love. With help from the United States Department of Veteran Affairs, now your country can give back to you in the form of an affordable home loan designed to save you money and help you get on your feet. Returning from service can be a significant challenge, especially when you have a family to support. With a VA home loan, veterans have the ability to purchase a home without the struggle, significant down payment, or costly interest rates traditional loans entail.
Veterans deserve reliable assistance in exchange for serving their country, and veteran assistance loans are designed to do just that. VA home loans are excellent resources for those interested in purchasing a home without requiring extensive financial resources. Many Americans don’t qualify for a standard mortgage, but VA loans make buying property simple for veterans. Featuring low-interest rates, minimal down payment requirements, and a simple qualification process, it’s easier than ever to purchase a home. Not sure you want a new home? No problem – VA loans can be used to purchase an existing home, build a new home, or make improvements to a developed property. Some manufactured homes can be purchased with VA loans as well, providing flexible options to those in need.
VA Loan Requirements
Qualifying for a VA loan requires that you:
- Be on active duty or have been honorably discharged
- Be a qualifying spouse or family member of a veteran
- Occupy the home purchased
- Credit score of 620 or higher
Types of VA Home Loans
There are a few types of VA home loans, including:
- VA home loans – A traditional VA home loan does not require a down payment for those who meet certain credit requirements. They usually have a much lower interest rate and closing costs than other types of home loans. You can also pay back this loan faster at no penalty.
- VA jumbo loans – The current maximum loan that is insured by the government for a single family home is set at $417,000. With a VA jumbo loan, you are able to exceed that amount.
- VA refinancing loans – If your credit score, employment or financial situation has changed, refinancing your VA home loan is an option. You have the ability to lower your interest rate, monthly payment or change the terms of your agreement.
- VA streamline loans – Appraisal or income is often not required to secure this type of loan.
Benefits of VA Home Loan
VA loans offer many benefits, including:
- Low interest rate – All VA loans are offered at a pre-determined low fixed interest rate.
- Lower monthly payment – Monthly payments will not be as high because payments will be determined by a low, fixed amount of interest and no PMI.
- No down payment – On VA loans, a down payment is not usually required. This means that you’ll have to pay much less up-front when you buy a home using a VA loan
- Low closing costs – Closing costs are required to be minimal by the Department of Veterans Affairs. On a VA loan, closing costs are much lower, potentially saving you hundreds or thousands of dollars.
- No private mortgage insurance – Since the Department of Veterans Affairs insures the loan, the borrower does not have to take out additional private insurance and that can save you thousands of dollars over the term of the loan.
Charles Davis
NMLS: 299652