Mortgage Loan Veterans Are Talking About

Insider perspectives on mortgage loans: Insights from seasoned veterans

If you’re connected to the U.S. Armed Forces in some way, you may have heard about mortgage loans veterans – hands down the best mortgage available today.

Created in 1944 to allow for financing to eligible veterans or a surviving spouse (who has not remarried), VA mortgage loans are guaranteed by the U.S. Department of Veterans Affairs, and are issued by eligible lenders.

Despite what some may think, the Department of Veterans Affairs doesn’t actually make the loans – they simply guarantee the loans after the borrower has secured their own mortgage loan, at which time the VA will appraise the property and insure the lender against loss in the event the buyer can no longer manage to make the payments.

VA loans can help qualified applicants purchase properties with no down payment in “housing credit shortage areas.” Housing credit shortage areas – as defined by the VA – are usually small towns or rural areas.

These loans provide veterans up to 103.3 percent financing and do not require private mortgage insurance. What this means is that more of the monthly payment goes towards qualifying for the loan, giving the borrower the power to acquire a larger mortgage loan for what is, effectively, the same payment as a smaller mortgage loan.

Prior to 1992, VA mortgage loans were only offered to veterans who had served on active duty; after that, the program began for the first time to include National Guard and Reservists with at least 6 years of service. What this means is that if you were previously not included in this program, you may now be eligible.

If you’re a veteran (or an unmarried surviving spouse of one), you know that anything connected to the federal government involves pages upon pages of process and procedure, so contact Co/LAB Lending today, and we’ll help you find your way through the process.

Schedule Your FREE

Mortgage Consultation Today!

Talk to a Co/LAB Lending Loan Officer to discuss your mortgage options. Our team is happy to answer your questions and help guide you to the perfect mortgage options.

Related posts

Avoid These Common Mistakes Home Buyers Make

by admin
7 years ago

Recipient of the Women Worth Watching 2020 Award, Megan Marsh

by admin
4 years ago

Five Shocking Mistakes Home Buyers Make

by admin
8 years ago
Exit mobile version