The Ins and Outs of VA Loans
VA loans are government backed loans that guarantee protection for the lender against default by any party. The backing that the government gives enables lenders to give better loan terms such lower interest rates and great closing options. VA loans are available to Veterans and service personnel with honorable discharges and for those who have been in active or peacetime duty for a specified amount of time. If you are an eligible Veteran make sure you keep a couple of things in mind.(see below for rest of article)
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Being a Veteran does not guarantee you qualify for a VA loan. As with a standard loan any ugly credit mishaps made within the past 12 months will be evaluated and will be taken into consideration for eligibility. Your debt-to-income ratio and income is looked at and if you are filing jointly your spouses’ information will be considered as well.
One of the greatest benefits of VA loans is the low interest rates. The rates aren't dependant on your credit score which mean if you have a credit score of 550 or 800 you get a reasonable low rate. VA loans are also in many cases available for 100% financing with no mortgage insurance so all of your interest is tax deductible and you usually walk away with minimal money out of your pocket at closing.
If you qualify for a VA loan it will be hard to beat with a conventional loan. Looking at all the benefits VA loans have to give and the strong backing behind them makes them worth seeking. Our Recommended VA Mortgage Loan Lenders:
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