Are you interested in purchasing a new home or other property? If so, you’ve probably been thinking a lot about your finances lately. But here’s the good news: While there are certainly lots of individual homebuying expenses to account for, there are also plenty of viable financing options.
Take VA loans, for example. Provided through the Department of Veteran’s Affairs (VA), these loan programs can allow veterans to buy homes at affordable rates. If you think you might be eligible to receive a VA loan, here’s everything that you need to know.
Flexible Homebuying Options Through a VA Loan
Typically, buying a home requires an individual or family to navigate a long set of legal and financial barriers. The complexity of the homebuying process often leaves many first-time buyers feeling overwhelmed and exhausted.
If you or your spouse have served in the military, however, you may be eligible for a VA loan. This program, in turn, can remove a tremendous amount of stress from the homebuying process.
VA Loan Eligibility Requirements
There are a variety of factors which will determine whether or not you are eligible to receive a VA loan. These include, most importantly, the length and the duty status of your military service career. Also, keep in mind that there are several different types of VA loans, each with its own eligibility requirements. “VA-guaranteed loans,” for example, require you to have a satisfactory credit score and a Certificate of Eligibility (COE). The Native American Direct Loan (NADL), on the other hand, requires applicants to include their tribal organization in the loan. (A COE is also required for a Native American Direct Loan.)
How a VA Mortgage Payment Calculator can Help
Monthly loan payment amounts will vary according to the type of loan that you secure and your long-term financial goals. You can use an online calculator tool – such as this one – to gain an estimate of how much you will need to pay each month. There’s just a few key pieces of information that you’ll need to collect beforehand:
- The estimated value of your future home
- Down payment amount
- Interest rate
- Loan term
- Your credit score
- Loan type
- Military type
Apply for a VA Loan Today!
At Mortgage Solutions Financial, we take the friction and frustration out of the homebuying process. Contact our office today to learn more about the benefits of VA loans or to submit your loan application!
