Why Returning Soldiers Should Look Into VA Loans

The house hunting process can be difficult enough, even under the best circumstances. As a returning soldier though, you may have some more hurdles you’ll need to jump before you can settle down in a new home. Luckily, there are options available to you. Here’s everything you need to know about VA loans, and how they can help you.

What Is A VA Loan?

As you’re a veteran, you may be eligible for a VA loan. These loans are backed by the government and offer you a lot of benefits that aren’t available to other homeowners.

The best benefit is that no down payment is needed on your loan. As a returning soldier, you may not have the cash to pay that payment, but you need a home ready for you as soon as possible. This means that you can get your mortgage in place and the ball rolling more quickly for you.

As well as this, VA loans in Fort Lauderdale offer very competitive rates for you. You’ll want to shop around and see what different companies can offer you, but you’ll see that they can offer you excellent rates thanks to your veteran status.

VA loans in Fort Lauderdale

VA Loans And Mortgage Insurance

If you took out a regular loan, you’d be required to pay a certain amount in mortgage insurance every month. This is designed to protect the lending company in case you default on the payments. As a veteran though, you may find this too expensive an undertaking.

With a VA loan though, you can avoid this entirely. There are no insurance payments on a VA loan, as it’s a government-backed loan. That means that they take on all the risks, and so you won’t have to pay extra to protect them. That makes your rates even lower, so you won’t have to worry about trying to cover these costs.

Lower Interest Rates

Yet another benefit of a VA loan is the fact that interest rates are so low on them. This is because, again, your loan is backed by the government. Interest rates are usually calculated by how much of a risk you are as a borrower. Because the government is backing your loan, though, you’re a seriously low risk. That means that you can get some of the best VA loan rates in Fort Lauderdale. It’s well worth checking that you’re eligible for a VA loan, as you can save a lot of money on your home this way.

How To Check If You’re Eligible

Pre-approval process for a home loan near meSo now you know the benefits of a VA loan, you’ll need to know if you’re eligible for one. The requirements vary, depending on your circumstances. If you’re a veteran, you’ll have needed to have served for a certain amount of days. The number of days themselves will vary, depending on when you served. For example, if you served in the Republic of Vietnam, you’ll have the need to have served between 2/28/1961 and 5/7/1975, for at least 90 days. If you’ve served post-Vietnam, you’ll have the need to have served between 5/8/1975 and 9/7/1980 for at least 90 days.

To find whether you’ve served the right dates, you can easily search online for the criteria for a VA loan, or talk to us at Nationwide Home Loans for advice.

Also, it’s worth being aware that if you’re a spouse of an active or deceased service member, you can also qualify for a VA loan. This again is something you should look into if you’re looking to obtain a home loan.

Proving Your Eligibility

Now you know if you’re eligible for your loan, you’ll need to obtain a certificate of eligibility to prove this. As a veteran, the form you will need to fill out is a DD Form 214. You’ll need some documentation to back up your claim, such as proof of the character of service, and reason for separation. Once you have this, you can start putting your VA loan in place.

As you can see, there’s a lot of reasons why you should consider a VA loan as a veteran. If you want help with the application process, come talk to us. We can help you get the best rates and get your new home as soon as possible.