The Military Family Network™                  

VA Home Loan Information

First off, we here at VAMortageCenter.Com want to thank each and every one of our service men and women who have volunteered to protect the greatest country on earth. VAMC is proud to be a partner of The Military Family Network™ and we look forward to educating you on your VA Home Loan benefits and answering your questions each month about the VA Home Loan.

For our first entry, we’ll just give you a brief overview of the VA Loan. The VA Loan is available to veterans, active duty service members and reservists with six years of service. For reservists, if you’ve been on active duty with less than six years, it’s very possible you’ll also qualify. For veterans, you’ll need to have spent 90 days to 24 months on active duty, depending on whether you served during war time. Visit our site for a complete list of VA loan qualifications.

The VA Loan is also the only zero-percent down loan available in the mortgage market, and it has no private mortgage insurance, which is something you’d find with a conventional or FHA loan unless you put 20% down towards the purchase.

Interest rates are also very comparable – and in some cases lower –than what you’d fine with a conventional loan, especially if your credit is below a 720. In most cases, a borrower would receive an unfavorable rate with a lower credit score on a conventional loan, yet with a VA Loan, you’re getting the best rate possible. Regarding credit score requirements, the VA has a more user-friendly credit requirement that can vary from lender to lender, but the VA loan specialists at VAMC can help guide you through the VA Loan process and get you a great rate and an affordable mortgage.

That’s all for this month, contact us at this email for questions and we’ll answer your VA questions and post them each month. It’s been a pleasure, thanks for all that you do, and we’ll see you next month.

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