Are you a veteran interested in buying your first or subsequent home? Or, are you thinking about refinancing your existing home? If any of these situations apply, you may be interested to learn more about qualifying for a veterans home loan.
Basic Qualifications for VA Loans
There are a few questions you will need to answer in order to determine whether or not you quality for a loan. While there will be other requirements, are you able to respond, “yes,” to the following questions?
- Did you serve in the military for 181 days during peacetime?
- Did you serve for 90 days during war time?
- Did you serve in the Reserves or National Guard for 6 years?
- Are you the spouse of a service member that died while serving in the military?
VA Mortgage Rates and Insurance
You may be interested to know that VA mortgage rates are lower than conventional mortgage loans. Currently, they are up to 50 basis points lower, which can be a definite advantage when purchasing a home.
Another benefit of qualifying for a VA loan is that mortgage insurance is not required. Furthermore, 100% financing is also available, if needed.
The Veterans Loan Program
Over 22 million veterans have been able to become homeowners as a result of the VA Home Loan program.
Veterans that were first-time homebuyers were able to receive 134,808 home loans in 2015. During the same year, 187,307 veterans that were prior homeowners also received loans. In 2016, there were a total of 707,107 VA-guaranteed home loans awarded to veterans throughout the United States.
Veterans Living in Texas
If you live in the state of Texas, were you aware that there are over 1.5 million veterans also living there? In 2016, Texas veterans were awarded 58,774 home loans, and the median income for veterans in the state is $40,226.
Whether you want to purchase your first or second home, or refinance your existing home, you can contact the VA Home Loan program to learn more about how to proceed. When you speak to a VA home loan lender, they will be able to explain the program requirements and mortgage rates in detail.