Veterans face a lot of obstacles as they transition into civilian life. Housing should not be one of them. Nearly every honorably discharged veteran of the United States military is eligible for low-interest financing for a home. These loans are much easier to process so veterans don’t have to go through all the stress an average person does when they apply for a mortgage. There are several benefits of getting a VA Home Loan Colorado Springs CO lenders offer to veterans.
No Down Payment
Veterans do not have to save for years in order to purchase their first home. As a reward for serving the country, veterans can purchase a home they plan to live in with no down payment. VA loans are backed by the Department of Veteran’s Affairs, not the Federal Housing Administration, so veterans don’t have to pay private mortgage insurance.
Low Interest Rates
Veterans don’t have to work hard for years trying to improve their credit scores so they can get a low interest rate on a home loan. By applying for a VA Home Loan Colorado Springs CO lenders offer, they can benefit from the low interest rates offered veterans regardless of their credit score. Although the lender might have a minimum score to qualify for a loan, it’s typically much lower than what they require for a conventional or even an FHA loan.
People who have served their country can apply for a VA loan while they are on active duty or after they are discharged. If they apply while on active duty, they can use their housing allowance to increase the amount of their loan. This means active duty service members may be able to purchase a larger or nicer home for their family than they would if they made the same salary in the civilian world.
Veterans and active duty service members who are interested in purchasing their first home should get in touch with Midwest Mortgage Associates Corporation to get started on the application. A mortgage company with experience serving military members will be able to walk a home buyer through the process and ensure they get the best loan for their family. You can also connect them on Facebook.