Are you a veteran, active-duty service member, reservist or a surviving spouse of a veteran? If so, you can apply for a Veteran Loan program. Residential Home Mortgage Corporation has been helping guide our veterans and active service members for years through the requirements of the VA loan program. Let our loan specialists help you decide if a VA loan is a good option for you.
What is a VA Loan?
VA (Veterans Administration) loans are an exclusive program reserved for American veterans, active-duty personnel, as well as surviving, qualifying spouses of veterans. This program allows for $0 down payment on a primary residence and does not require mortgage insurance. VA loans can be a great choice for those who qualify.
RHMC’s VA loan specialists will ensure you are getting the best rate and the loan that’s right for you. We are proud to serve those who have served our country.
What Are the Benefits of VA Loans?
VA Loans offer many benefits for our veterans and our RHMC team identified three key benefits:
No down payment or mortgage insurance required – With a VA loan, you do not need to put down a down payment, unlike a traditional loan. And unlike traditional loans and FHA loans, there is no need for mortgage insurance.
Better interest rates – VA loans typically have a lower interest rate for a 30-year mortgage compared to both FHA and conventional mortgages. As a veteran, you can qualify for a lower interest rate – which will save you a lot of money over the lifetime of your mortgage.
Lower closing costs – The VA limits the fees that can be charged by lenders for VA loans – the loan origination fee, for example, is limited to a maximum of 1% of the loan amount, and some other fees are prohibited, leading to lower overall closing costs.
Who Qualifies for a VA Loan?
To receive a VA loan from RHMC, homebuyers need to meet the following criteria:
You are currently an active-duty member of the military or a veteran who meets length-of-service requirements
Your spouse was a service member who died during active duty or due to a service-related disability, and you have not remarried or you have remarried after the age of 57. You are also eligible if you are the spouse of a POW/MIA service member
You meet lending requirements related to income, credit score, and DTI (debt-to-income) ratio set by your individual lender
Your property will be used as your primary residence, and meets all requisite building codes and safety standards
Before you close on your home, you will need to obtain a VA “certificate of eligibility.” Our loan specialists can help you obtain this certificate.
Ready to Mortgage Smartly™?
At RHMC, we’re always here to help our veterans and active-duty service members get access to the mortgages they need to buy a home. If you need help or guidance, please contact us now so that we can thank you for your service – and help you explore your options for VA loans and home loans in further detail.
Complete your quote request today to get started.