Service members are eligible for a VA mortgage according to their service records. The VA provides necessary forms and certificate to military personnel to purchase a home through the program. It can provide a wealth of benefits for service members and their families.
There Isn’t a Down Payment Requirement
Service members can purchase a home without a down payment and save more on their home purchase. The VA doesn’t require service members to provide a down payment for their first home. The program is specifically designed to help military service members and families get a home without hassle. Providing a mortgage without a down payment can make it even easier for these families to get into a permanent home quickly.
Service Members Can Have Lower Credit Scores
The service member must have a credit score of at least 620 to qualify for a VA loan. The lender will check all three credit scores and arrive at a median score for the service member. It is recommended that, if the service member doesn’t meet this requirement, they create a plan to manage their debts. Paying off smaller debts helps they improve their credit score quickly. Managing any negative listings on their credit history can also help them. Veterans and active duty service members can get more details from Dustin Dimisa about realizing the dream of homeownership.
It is Available to Service Members Only
The mortgages are available to service members only, and non-vets cannot get the mortgage. The service member must provide evidence of their service records and proper certification from the VA to qualify for the mortgage. Service members who were honorably discharged from the military are eligible if they have completed the necessary service time. Surviving spouses of service members who were killed in the line of duty have the right to get the mortgages, too. However, any service member who was dishonorably discharged from the military is not eligible.
There Are Stricter Requirements for the Property
The property the service member wants to purchase with the VA loan must meet specific guidelines as directed by the VA. There shouldn’t be any structural damage or issues with any major systems. The age of the HVAC system, plumbing, and electrical system could disqualify the property for a VA loan. It is recommended that the service member become acquainted with the strict guidelines before starting their home search.
Can the Service Member Get a New VA Loan in the Future?
There are some limitations for how the service members can use VA loans. Typically, the service member must sell the home they have financed currently before getting another mortgage. Some lenders might allow only one VA loan per service member.
Military families can purchase a home through a VA mortgage. The loans are available to service members once they have completed the required peace and wartime duty. The service members must have a credit score of at least 620 to qualify. Military families can find out more about their options by contacting a lender today.