How To Know If You Qualify For A Loan From The Va
Are you a veteran or do you know a veteran? Have you ever struggled to purchase a home whether it is your first home purchase or your second or third? Veterans should never have to struggle trying to purchase a home or finding the best vet home loan or veterans mortgage rates. After the service and time they have dedicated to the United States, finding and purchasing their dream home should be relatively simple and an easy process.
For anyone, the thought of trying to figure out different loan requirements and finding the best loan program can seem very stressful. For veterans, specifically, it can be even more difficult to make sure you are getting the best vet home loan and VA mortgage rates. So, how do veterans get started with the home buying process?
First, let?s go over some statistics about veterans. In the state of Texas alone, there are currently more than 1.5 million veterans. For these veterans living in Texas, the income is not extremely high. Right now, the median income ranges around $40,226 for all veterans living in the state of Texas.
If you are a veteran or know a veteran who has a similar income, the thought of beginning the home search and home purchasing process may seem overwhelming. Luckily, with the right assistance and the best vet home loan, you can likely find just the right home for you. In fact, the VA was able to secure around 707,107 home loans nationwide in last year alone for different veterans.
Overall, the VA has been able to assist so many veterans in searching for and receiving the loans they need to eventually own the home of their dreams. Without the help from the VA, it may not be possible for so many veterans to end up in homes that they deserve. As of now, over 22 million veterans have received assistance by the VA Home Loan in securing a home.
So, how do home loans break down amongst different veterans who have applied for then? Nearly just as many veterans who are looking for their first home receive loans from the VA as those who are previous home buyers. Statistics from 2015 show that the numbers are relatively similar between these two categories. To break it down, around 134,808 veterans were able to get loans for the purchase of their first home while around 187,307 veterans were able to get the loans they needed to purchase a home that was not their first.
Another reason it is important for all veterans to get the proper assistance from the VA is so the VA can help veterans with mortgage rates and following through on all their loans. If you are a veteran, you are likely qualified to receive lower mortgage rates than those who are not veterans. For instance, conventional mortgage loans are usually around 50 basis points higher than those that the VA offers to veterans. Additionally, there are other benefits that veterans receive through the VA in regards to their mortgage and loans. Usually, the VA allows for 100 percent financing. Veterans also do not have to deal with mortgage insurance.
How do you know if you qualify to receive a VA loan? One of the simplest way to figure out if you qualify for a loan is to check how many days you served and during what time. If you have served around 90 day in war time, you qualify. If you served during peacetime, you need to serve for 181 days total. If you are in the Reserves or the National Guard, you need six years under your belt to qualify for a VA loan.
Still not sure whether or not you qualify for a vet home loan? Let us know in the comments section about how you received your VA loan or what questions you still have left.