Massachusetts VA Loans are the best option for Veterans in Bristol County Massachusetts
The Veterans Affairs Home Loan Guaranty program is one of several VA benefits in place that recognizes the men and women who served our country.
As a result, more than 19 million service members and veterans put the program to use and financed a home. Undoubtedly, millions of military homebuyers used a Massachusetts VA loan to settle down.
On the whole, military home buyers find the VA Home Loan program more suitable to their needs because of its financial perks and less stringent qualifying terms. A Massachusetts VA loan is a good fit for military family that could not build credit or save money due to repeated duty relocations.
Consequently, VA loan borrowers nationwide are quick to cite the program’s financial perks. When asked about the program’s best feature, almost every homeowner mentions paying no money down. In Bristol County, the Massachusetts loan limit is $417,000 so military homebuyers can potentially finance their home without paying anything down. Not every veteran and service member qualifies for zero percent down, but down payments stay below 5 percent.
Living in Bristol County means residents are within an afternoon’s drive to Boston and the Atlantic Coast. The county abuts Plymouth County and Upper Cape Cod , which promises some great homes near the water. For Coast Guard members who enjoyed serving at the air station in Mashpee, financing a home in Bristol County with a Massachusetts VA loan may be the most attractive option.
Not only do Massachusetts VA loan borrowers save money from minimal down payments, but also from negotiable interest rates. The VA—rather than issue the loans—insures up to 25 percent of each loan. VA-approved lenders assume less risk and therefore feel more comfortable knocking some points off VA loan interest rates. Service members still on active duty have the added bonus of interest rate caps.
Another monthly savings comes as a result of VA loans’ elimination of private mortgage insurance. Although every borrower pays a VA funding fee, it’s only charged for each refinancing, and starting at 2.15 percent it’s a fraction of the loan amount. Besides, the fee can be rolled into monthly payments that are not even close to the cost of mortgage insurance
The first step in getting a Massachusetts VA loan is filling out a Certificate of Eligibility (COE). This straightforward form is available on the VA website or from a VA-certified lender. It confirms that you fulfill initial qualifications for the program. Those who may be eligible for a VA loan in Massachusetts generally fall into one of three categories:
-Military personnel who served on active duty for 90 days during wartime or 181 days during peacetime.
-Reservists or National Guard members who served for at least six years.
-Spouses of those who died in the line of duty or as a result of a service-connected injury who have not remarried.
For more information on Massachusetts VA loans and VA loans in Bristol County, contact a VA-certified lender.
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