If you are a qualifying active duty, military veteran or a surviving military spouse, you may be eligible for a VA loan. There are many great advantages to getting a VA loan as opposed to getting a conventional loan. Most active members of the military, veterans and surviving spouses qualify for VA loans. However, navigating through the process of applying for a loan can be difficult to do on your own. A VA loan specialist knows the process and can assist in providing all the information you’ll need on your path to home ownership. Here are some things a VA loan specialist can help you with:
No Down Payments
As with many traditional loans there usually is a down payment required. A VA loan doesn’t always require a down payment. A San Diego VA Loan Specialist can help you to see if you qualify for this feature.
Most conventional loans do require a minimum credit score of at least 620 to qualify for a loan. However, a VA loan does not require a minimum credit score to qualify.
Another advantage of a VA loan is that it doesn’t require mortgage insurance. With conventional loans, insurance is usually required with a down payment that is typically less than 20 percent.
There will always be a fee when applying for a loan, whether a conventional or VA loan. However, with a VA loan the fees with a low down payment are considerably lower.
Sometimes people may have trouble making their payments. So, if you find that you are struggling to make payments on your loan, a VA loan specialist can help assist you. The VA will negotiate with their lenders for you on your behalf. They can help borrowers with repayments, modifications to your loan or reach some agreement to avoid foreclosure.
As long as you pay off your loans, a VA loan is, in fact, reusable. You can use your entitlement over and over again. Your San Diego VA loan specialist can assist you with all of this.
Bankruptcy or Foreclosure?
As with traditional loans, you need to wait at least two years before you can apply for another loan after filing for bankruptcy. With a VA loan you may apply after only 12 months. Even if a veteran or active duty member has a previous bankruptcy or foreclosure with the VA, they are still eligible to apply with the VA.
Contact A VA Loan Specialist
Opening the door to owning a home and saving you time and money are only two reasons you need the help of a VA loan specialist. The Department of Veteran Affairs has made the dream of home ownership a reality for its service members and their families with great programs available. If you are ready to experience all of the benefits and features of a VA loan, contact a VA loan specialist to see whether or not you qualify. They will provide all of the necessary information, and answer any questions you may have, in order to assist you on your journey to owning a home.