Are you a veteran seeking a VA home loan in order to purchase your first or second home? Or perhaps you’re interested in refinancing an existing home to obtain a better rate, to remodel, or to send your children to college. Whichever situation best applies to you, it’s possible that you are interested in obtaining relevant information, particularly in terms of VA home loan rates.
Over 22 million veterans have been able to purchase homes through the VA Home Loan program. In 2015, for example, 134,808 of these loans were for first-time homebuyers, and 187,307 were for homebuyers that had previously owned a home.
If you live in Texas, for example, were you aware that over 1.5 million veterans are also residents of that state? Furthermore, in 2016 alone, these individuals received a total of 58,774 Texas Veterans home loans. During the same year, 707,107 home loans were guaranteed throughout the United States by the VA home loan program.
Currently, VA home loan rates are up to 50 basis points lower than conventional mortgage loans. Another benefit of having access to these loans is that they don’t require mortgage insurance, and 100% financing is also available. This can make it considerably easier for veterans to become home owners.
If you’re not certain if you quality for a VA loan, there are a few basic requirements. First of all, you need to have served in the military for 181 days during peacetime and 90 days during war time. If you also served 6 years in the Reserves or National Guard, you may also discover that you qualify. If you’re the surviving spouse of a service member that lost their life in the line of duty, it’s possible that you will also be able to qualify for a VA loan.
When you contact a VA loan program lender to find out more information, you can discuss the advantages and disadvantages of obtaining a VA loan. Furthermore, you can also learn about the approval process and learn whether there are any additional loan requirements involved.
