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Sometimes the benefits of being a soldier seem never-ending. Discounts and free education on top of compensation. And the benefits do not stop when it comes to home loans, either. If you or your spouse have served or are currently serving in the armed forces, you may be eligible for a Veterans Affairs mortgage, more often referred to as a VA Loan. It may not seem like that much of a benefit in comparison with the work that those in the armed forces are asked to do. Or if you have lost a loved one in the armed forces it can in no way make up for that loss. However, the United States hopes to contribute what they can to the lives of those who fight for our freedoms.
Even if you are living abroad and cannot see your family, you can ensure that they are living comfortably and safely by applying for a VA loan. While those not currently in the service may be worrying about how they will afford a house and whether or not they will be able to be approved for a loan or mortgage, you should not have to worry about that.
FHA loans are loans that are backed or insured by the Federal Housing Agency. The loans themselves are not given by the FHA, they are simply loans provided through approved lenders which the FHA promises to cover if the loan defaults.
Loans from an FHA approved lender allow borrowers to obtain down payments from other sources, which is atypical with conventional loans, and the interest rates tend to be lower. These loans are designed to enable families and individuals with weak credit and favor those with long time employment and job security. With an FHA loan, closing costs may also be rolled into the amount of the loan, provided the borrower is approved for the sum.
On the down side, FHA loans have higher mortgage insurance, and there are loan limits on the amount that can be applied for. Homes with an FHA loan must be owner-occupied, and they can sometimes take longer to process than standard loans, making you a less appealing candidate if multiple offers for the home are on the table.
While VA loans are available expressly for military personnel and their families, if you qualify to apply, there are several reasons you should seriously consider it. First, VA loans allow you to finance 100% of the home, meaning that there is no down payment for the home you are purchasing, freeing up any out of pocket money to spend on purchases for your move. Additionally, VA loans do not require mortgage insurance and the financial qualifications are quite relaxed when compared to other types of home loans. On top of everything else, VA loans are typically accompanied by some of the lowest interest rates available on the market.
The amount of your loan can vary depending on where you live and whether or not it is a high-cost area. It can also depend on your credit score, but not as heavily as it might otherwise. Different lenders require different scores, so be sure to check before applying.
If worse comes to worse and you cannot make a payment and are facing foreclosure, the Veterans Affairs can step in and negotiate with lenders to see to it that you are given a chance to pay back on a different payment plan. Veterans that are struggling financially will be given the chance they deserve for serving our nation.
Even if you are living abroad and cannot see your family, you can ensure that they are living comfortably and safely by applying for a VA loan. While those not currently in the service may be worrying about how they will afford a house and whether or not they will be able to be approved for a loan or mortgage, you should not have to worry about that.
FHA loans are loans that are backed or insured by the Federal Housing Agency. The loans themselves are not given by the FHA, they are simply loans provided through approved lenders which the FHA promises to cover if the loan defaults.
Loans from an FHA approved lender allow borrowers to obtain down payments from other sources, which is atypical with conventional loans, and the interest rates tend to be lower. These loans are designed to enable families and individuals with weak credit and favor those with long time employment and job security. With an FHA loan, closing costs may also be rolled into the amount of the loan, provided the borrower is approved for the sum.
On the down side, FHA loans have higher mortgage insurance, and there are loan limits on the amount that can be applied for. Homes with an FHA loan must be owner-occupied, and they can sometimes take longer to process than standard loans, making you a less appealing candidate if multiple offers for the home are on the table.
While VA loans are available expressly for military personnel and their families, if you qualify to apply, there are several reasons you should seriously consider it. First, VA loans allow you to finance 100% of the home, meaning that there is no down payment for the home you are purchasing, freeing up any out of pocket money to spend on purchases for your move. Additionally, VA loans do not require mortgage insurance and the financial qualifications are quite relaxed when compared to other types of home loans. On top of everything else, VA loans are typically accompanied by some of the lowest interest rates available on the market.
The amount of your loan can vary depending on where you live and whether or not it is a high-cost area. It can also depend on your credit score, but not as heavily as it might otherwise. Different lenders require different scores, so be sure to check before applying.
If worse comes to worse and you cannot make a payment and are facing foreclosure, the Veterans Affairs can step in and negotiate with lenders to see to it that you are given a chance to pay back on a different payment plan. Veterans that are struggling financially will be given the chance they deserve for serving our nation.
About the Author:
Government Loan Pro is a VA and FHA mortgage broker and we can provide a wide variety of VA loan options for you and your family. We make it easy to find refinancing options for your VA home mortgage loans, great rates on purchasing loans, and we'll connect you to the mortgage lender who can answer your questions and help you make the decisions that fit your financial needs.
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