Veterans, Know Your Mortgage Options
Jul 07, 2016
The men and women who sacrifice their lives for this country deserve to fulfill their dream of homeownership. It’s important veterans understand the special financing options and benefits available to them before starting the home buying process. Given the current market and especially low rates, now is a good time for military personnel to invest in a home.
Veterans Affairs Home Mortgage Loan Program (VA Loans) guarantees long-term financing to eligible veteran’s and/or their surviving spouses (should they not remarry). This is ideal for veterans in areas where private financing is not available. VA Loans have several benefits to traditional loan financing. The government backs VA Loans, so lenders assume less risk, which offers veterans additional flexibility over conventional loans.
Benefits of a VA Loan:
- No down payment
- Flexible eligibility requirements
- Refinance to a lower rate
- Refinance and subordinate an existing second up to 125% (combined loan to value) No prepayment penalty
- No private mortgage insurance costs
VA Loans are an excellent benefit available to the men and women who serve our country. Home Point Financial is proud to serve the veteran community and will guide you through the application process, and even get you pre-approved! Whether you are looking to buy a home or refinance, the VA Loan benefit should definitely be taken advantage of if you are eligible. Contact Home Point Financial today to learn more about our financing solutions for veterans.