As part of the U.S. Department of Veterans Affairs (VA) mission to serve veterans and active military members, the VA created a program to help members and their families purchase homes or refinance their mortgages. VA loans are offered by private lenders, but backed by the VA, which allows more favorable terms than a traditional mortgage. Some benefits available in all VA loans include:
$0 Down Payment
Low fixed rates
Easy to qualify
Exclusive to veterans and active duty military
Additional 1st United VA Loan Benefits:
Not all VA Lender programs are the same. Many people are told that their credit is too low for a VA Loan. We are able to work with low credit and even have a credit rehabilitation program to help if your credit is below 560.
560 minimum credit score
Open Collections ok
Nothing out of pocket
A Popular Choice for Military Families
The VA Home Loan program is a popular benefit of military service, thanks to competitive interest rates, low monthly payments and little-to-no down payment needed. These loans are also easier to qualify for than conventional mortgage loans and can even be used more than once. These benefits are an entitlement not enjoyed by civilians, but have been helping military homebuyers since its inception in 1944.
As with any home loans, VA Mortgages have facts and information that are essential to review before starting the process. At 1st United Mortgage, we strive to educate and assist our clients with resources on the specifics of this exclusive home loan benefit.
Ready to start your VA Home Loan today? Call one of our Home Loan Specialists at 1-931-548-1985 or get started online.
VA Loan vs. Traditional Mortgages
VA loans are loaded with advantages. Here’s how the VA Loan stacks up to a traditional home mortgage:
VA Loans are among the last 0% down home loans available on the market today.
Up to 20% Down
Conventional Loans generally require down payments that can reach up to 20% to secure a home loan, pushing them out of reach for many customers.
Since VA Loans are government backed, banks do not require you to buy Private Mortgage Insurance.
Private Mortgage Insurance is a requirement for borrowers who finance more than 80% of their home’s value, tacking on additional monthly expenses.
The VA guaranty gives lenders a greater degree of safety and flexibility, which typically means more competitive mortgage rates than non-VA home loans.
Without government backing, banks are taking on more risk which in turn, can result in a less-competitive interest rate on your home loan.
Easier to Qualify
Because the loan is backed by the government, banks assume less risk and have less stringent qualification standards for VA Loans, making them easier to obtain.
Conventional options hold stricter qualification procedures that can put homeownership out of reach for some customers.
The VA loan program enables veterans, active service men and women, and surviving spouses to own a home faster. At 1st United Mortgage, we streamline the process to make life easier for the people who defend and protect civilians. So, allow us to honor your service to the country – let us take care of the home loan process for you.