The VA (Veterans Administration) home loan is a home mortgage loan for eligible active duty members of our Armed Forces and National Guard and also Veterans of these services as well.
The program itself is often times the very best choice, for someone who qualifies for it, as interest rates are usually lower than Conventional mortgage rates In addition, the program asks for no down payment, requires no mortgage insurance and allows flexible credit guidelines. In this article we will continue to take a look at some of the best program benefits of the VA home loan program. For more benefits of the VA home loan program, be sure to check out part 1 of this series as well.
Easier Qualifying Standards
VA home loans require certain items be documented, a credit history that is acceptable and sufficient income to make your monthly payments. However, as compared to other loan programs, VA home loan guidelines are some of the most flexible around. This is due in nature to the Veterans Administration guarantee of the program, which makes qualifying for a VA home loan generally easier than most other home loan programs.
Home Loan Options
You can obtain a VA home loan with a fixed or adjustable rate and varying lengths from 15 to 30 years. In addition, you can use a VA home loan to purchase a single family home, condominium, a new-build home, manufactured home, duplex or other types of properties. In addition, the VA home loan can be used to refinance your existing mortgage, make repairs or improvement to your home or even make your home more energy efficient. As a result the VA home loan program provides some of the more flexible home loan options available.
The Ability To Choose Your Lender
The Veterans Administration does not provide VA home loans or set their interest rates. As a result, you have the ability to shop around and find the lender of your choice to provide your VA home loan. Different lenders may have different interest rates and fees for VA home loans, so it makes sense to do your homework before obtaining a VA home loan from a particular lender.
VA Home Loans Are Assumable
One unique feature about most VA home loans, is that they are "assumable," which means you can transfer your VA loan to a future home buyer if that person also have VA eligibility. An assumable home loan can be a big benefit when you sell your home, especially as interest rates begin to rise, because VA home loans are assumed at the interest rate which the current home loan is set.
These are just some of the many benefits that VA home loans provide, as it is truly a one of a kind home loan program. As always, if you are looking to be qualified for a new home loan for the purchase or refinance home loan, please speak with a licensed lender such as Strategic Mortgage, to fully and properly pre-qualify.
For more information on current home loan programs and options for existing and potential home owners, please contact Bill Kamboukos of Strategic Mortgage at (480) 219-3682 or by emailing: info@strategicmtgaz.com or online at www.strategicmtgaz.com
Strategic Mortgage, LLC – AZBK#0909514 - NMLS#158804 - Equal Housing Lender
Vasilios Kamboukos – NMLS#160440
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