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VA Home Loans — Everything a Veteran Needs to Know

  

  

  

  

  

  

  

  

When our military service members return home to start a new life, they often find it difficult to afford adequate housing. That is why a loan product exists that is offered solely to the men and women of our armed services.

A VA loan is backed by the Department of Veterans Affairs and is designed to help U.S. veterans, active duty service members, and widowed military spouses buy a home. It is a very attractive option because it’s fairly easy to qualify for, and requires no down payment.

Who is Eligible?

There are three instances where veterans and their families may find themselves eligible for a VA loan:

1. They are an active duty service member or an honorably discharged veteran who has 90 consecutive days of active service during wartime, or 181 days of active service during peacetime.

2. They have served more than six years in the National Guard or the Selected Reserve.

3. They are the spouse of a service member who died in the line of duty.

What are some of the benefits?

  • No down payment - more than 80% of all VA loans are made without a down payment
  • Rates are typically equal to or slightly lower than your average 30-yr fixed mortgage
  • No private mortgage insurance (PMI)
  • No minimum credit score requirement — however, many lenders still look for scores of 620 or higher
  • VA assistance programs for buyers facing foreclosure

As with most loan products, there are still many factors to be considered; it may not make sense for your particular financial situation. That's why you need to speak with a Midwest Lending mortgage professional first; let their expertise help you make the best decision for you and your family!