Did you know that if you’re an honorably or medically discharged veteran you may be eligible for a VA Home Loan?
As a benefit of your service you may qualify for a VA (Veterans Administration) home loan which carries several benefits. The biggest advantage is the ability to buy a home without making a down payment. Instead of saving money for months or years you can jump right into the housing market and begin building equity in your new home.
Additionally, underwriting standards are more relaxed than with a traditional home loan. What does this mean? It means that even without great credit you still may qualify. Don’t let a less than perfect credit report keep you from becoming a homeowner, talk it over with our VA loan expert, Amy Clark. She’ll go over the specifics with you and help you get a better feel for whether you may qualify or not, and help you draw up a battle plan on how to improve your credit to qualify in the future.
There are also several downsides to VA loans that you should consider. One is the funding fee that is added to the balance at closing. This fee will increase the cost of the loan over it’s lifetime, though it does replace a monthly mortgage insurance payment. This can also be a drag on your equity in your home if property values begin to fall after your purchase.
Otherwise a VA loan is often a great way for a veteran to purchase a home, especially their first home, and it’s worth checking into if you’re a veteran. Our VA home loan expert, Amy Clark, can help you compare a VA loan to other home loans so you can decide which one is right for you. Email or call her today at 765-960-8618.