Are you planning to purchase a home in the near future? Then you are probably interested in learning more information about veterans loans. Over the past decades, the Department of Veterans Affairs (VA) Home Loan program has assisted over 22 million veterans with purchasing their first or subsequent home.
During 2015, veterans that were in the market to purchase their first homes received 134,808 loans. Within the same year, veterans that were previous homeowners received 187,307 home loans. In 2016, the VA guaranteed a total of 707,107 home loans to veterans throughout the United States.
There are a variety of benefits to obtaining a VA loan rather than a conventional mortgage loan. The mortgage rates, for example, are up to 50 basis points lower. Furthermore, these loans don’t require mortgage insurance and allow for 100% financing, both of which are financially beneficial.
In order to qualify for a veterans loans, you would need to meet specific service requirements. Did you serve 181 days during peacetime or 90 days during war time? If either of these pertain to you, then you would be able to qualify for a VA loan. You would also be able to qualify if you served in the Reserves or National Guard for a minimum of 6 years. If you are the spouse of someone that served and died while in the line of duty, you may also qualify for a VA home loan.
If you live in Texas, for example, were you aware that there are over 1.5 million veterans living in this state alone? Texas veterans obtained 58,774 VA home loans during 2016. The average income for veterans within Texas is $40,226.00, and an added benefit of obtaining a VA loan is that your payments would be lower than with a conventional loan.
Since you’re interested in purchasing a home and want to find out more about VA loans, you may want to begin this process by determining whether you are able to pre-qualify for a specific loan amount. Once you are approved, you will be able to obtain more information about loan rates and other relevant information. After everything is in order, you will be able to explore local listings to find your new home.