Do You Qualify For A VA Loan?
Do You Qualify For A VA Loan?
Do You Qualify For A VA Loan?The veterans of this country serve the nation leaving their family behind. They feel very joyous every time they return to their place and meet their family members. It becomes liable on the country to grant them with gifts so that they feel rewarded. The basic dream of every man and woman serving the military is to have an ownership of a house wherever they want. That is why, the United States Department of Veterans Affairs have established a loan called the Veterans Administration loan, which is a housing loan through which the veterans of this country can build a home of their own.
There are special features of this loan which make it different from all other mortgage loans. These features are very favorable for the people but only the veterans can attain this loan and not everyone. Individuals, who served the military, are members of National Guard or are reservists can be eligible for this loan and instead of getting stuck in the complications of other loans they should apply for this loan as it will prove to be more convenient for them. It does not matter whether they have good credit or bad credit they can apply for this loan.
The criteria that the people in the military need to pass to qualify for VA loan is they have provided active duty service for at least 90 days or provided non-active duty for at least 181 days. The individuals who provided services as National Guards or reservists must have experience for at least 6 years. Those individuals who were discharged from these services of the basis of dishonesty cannot attain this loan. In some cases, spouses of the personnel in the military can also qualify for this loan.
There are many advantages of a VA loan but there are also some restrictions. For example, the person who qualifies for this loan will get a lower interest rate, no penalties and will have to pay lower monthly payments. The duration of this loan in which it has to pay off is from 15 years to 30 years. The person can only get a VA loan one at time and he or she does not necessarily have to be the first time home buyer. He or she can also use this loan for refinancing purposes.
To fetch a good lender you must get complete information about VA loans. This information can be obtained from the internet. Nevertheless, it will be wise for you to consult a VA loan specialist. He will guide you how to achieve a VA loan that provides you maximum benefits.