Purchasing a home can be overwhelming for anyone, especially when serving in the U.S. Military. The Veterans’ Administration (VA) offers a home loan program to help service members, veterans and surviving spouses make the process a little easier.
When a member of the armed forces applies for a loan through the Veterans Affairs Home Loan program, the VA guarantees a part of it, making rates lower and qualifications more broad. Among the benefits are no down payment or mortgage insurance. This allows for more opportunities for home acquisition and a chance to save for future expenses.
Yony Kifle of Your DMV Team Realty recently met with Mike Ullmann of Movement Mortgage to discuss the options available through the VA and how to take advantage of them.
“VA loans are a lot more lenient,” Ullmann states, “The credit scores required are generally lower than other types of loans… [and] you can max out your budget quite a bit more than you could on a conventional or FHA loan.”
To be eligible for a VA Home Loan, you must meet a few criteria:
- You must have satisfactory credit,
- You must have sufficient income to meet the expected monthly obligations,
- And you must have a valid Certificate of Eligibility (COE).