VA Home Loan Benefits: Do You Qualify?
Posted by: Ryan Dudley, Loan Officer, U.S Army Veteran (SGT.)
Did you know that in 1944, the U.S. government created a military loan guaranty program to help returning service members purchase homes? The VA Loan is a mortgage loan issued by approved lenders such as United Home Loans and guaranteed by the federal government. Since its commencement, the VA Loan program has helped place more than 20 million veterans and their families into an affordable home financing situation through its unique advantages over traditional mortgages such as
- 0% down (for qualified borrowers) - VA loans are among the last 0% down home loans on the market today.
- Easier to qualify - When the loan is backed by the government, banks assume less risk and have less qualification standards for VA loans, making the VA loan easier to obtain.
- No Private Mortgage Insurance - Although a funding fee is charged by the VA, it can be financed into the loan and there is no monthly recurring charge. Since VA loans are backed by the government, banks do not require you to buy private mortgage insurance.
- Competitive Interest Rates - Due to the VA guaranty, a more-competitive interest rate is given to VA loans compared to non-VA loans.
Qualifying for Veteran Home Loans
United Home Loans is proud to offer U.S. Military Veterans and qualifying family members an outstanding opportunity to own the home of your dreams or refinance your existing home with no money down and the lowest rates available.
Brave men and women who serve our country deserve the best offer possible. The cost-saving benefits of a VA Mortgage through United Home Loans is just one way we can say thank you for your service.
The Veteran Loan program is designed for veterans who meet the minimum number of days of completed service. Eligibility requirements include the length of service or commitment, duty status and character of service. The VA Home Loan program does allow for benefits to surviving spouses. The VA does not have a minimum credit score for pre-qualification, however, most lenders require a minimum credit score of at least 620.
Income sources allowable to qualify for a VA Loan include the following:
- Documented income from employer
- Social Security Income
- Retirement Income
- Basic Allowance for Housing
- Disability Income
- Child Support
Like all home loans, VA Mortgages have considerable details and information to review. We at United Home Loans encourage you to use our website and local agents to further educate yourself about this exclusive home loan benefit for veterans and those in active duty. The VA Loan Experts at United Home Loans average 10 years experience in the lending industry throughout the Chicagoland area. We are dedicated to helping military veterans achieve their mortgage goals while looking out for their best interests. If you have any further questions, we encourage you to call United Home Loans at 708-531-8388.