Buying a home for the first time involves a series of crucial steps. Each one of those steps, in turn, presents its own challenges. As a result, many first-time homebuyers often feel like they’re venturing out into uncharted territory. Partnering with an expert mortgage broker, thankfully, can alleviate the stress from the process of buying your first home.
And here’s some more good news: If you’re a veteran, you may be eligible for a VA loan, which can provide you with substantial financial assistance. There are many different types of VA loans, which means that most veterans will be able to find suitable options.
Here’s everything that you need to know about how a VA loan can help you to buy your first home.
How VA Loans Benefit Military Members
VA loans are financial assistance programs that are offered to qualifying ex-military service members and their families. By securing a VA loan, first-time homebuyers have the opportunity to lock down a mortgage at competitively affordable rates.
Who Is Eligible to Receive a VA Loan?
The eligibility requirements for VA loans are primarily based on the length and character of your active military service. You’ll also need a Certificate of Eligibility (COE) in order to qualify for a VA-direct or VA-backed loan. You can learn more about minimum service requirements and the COE application by visiting the Department of Veteran’s Affairs website.
How a VA Loan Can Help When You’re Buying Your First Home
VA loans are a great option for first-time homebuyers for two major reasons.
First and foremost, VA loans can allow you to bypass the down payment that’s typically required to buy a home. That means that you’ll be able to buy a home with 0$ down, which translates into big future savings.
Secondly, VA loans can allow you to secure a mortgage rate with lower monthly rates than would otherwise be available. Contrary to many loan programs, VA loans do not require applicants to invest in Private Mortgage Insurance (PMI). This, too, means that you’re left with more money in your pocket; money that can now be spent on building a life in your new home!
Buying Your First Home? Call Today to Learn More About VA Loans
At Mortgage Solutions Financial, we’re committed to helping individuals and families at every stage of the homebuying process. Contact us today to learn more about how VA loans can help with the process of buying your first home!