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WHAT IS A VA HOME LOAN?
A VA, or Veterans Affair, Loan is a government-backed home loan that is guaranteed in part by the Department of Veterans Affairs. These home loans began in 1944 as part of the GI Bill of Rights, which was signed into law by President Franklin D. Roosevelt. These home loans were designed to help veterans or their surviving spouses receive loans to purchase the home of their dreams.
HOW DOES A VA HOME LOAN WORK?
VA home loans are offered by VA-approved mortgage lenders. If you qualify, these home loans are some of the best mortgages you can receive. Oftentimes, you don't have to put any money down, you'll receive incredibly low interest rates, and there may not be a cap on the purchase price of your home. Plus, you don't have to purchase home mortgage insurance like many other of these special home loan programs require.
WHO QUALIFIES FOR A VA HOME LOAN?
To qualify for a VA home loan, you have to be on active duty in the military or be a veteran. There are many different stipulations that apply in terms of how long you have to serve, depending on the years that you served. If you are on active duty, you only have to have served for 90 continuous days before you are eligible. You may even qualify if you don't meet the minimum service requirements.
CHOOSE THE MORTGAGE STORE TODAY
The Mortgage Store is proud to support the men and women who are in or who have served in the United States Armed Forces. Our mortgage company offers many different types of mortgages in addition to VA loans, such as bank statement loans and HARP loans. We will work with you to find the perfect home. Contact us to get started, or apply online today!