As someone in the military, you may have found it difficult to buy a home in the past. With Sunrise VA Home Loans, you can start your journey towards home ownership and new life with your family. Here's how we can help you achieve your goals.
Buying A Home As A Service Member
Service members have reported before that it can be difficult to be approved for Sunrise Home Loans. They're always on the move, so building up credit is difficult at best. Without that credit, it's going to be hard to find a lender to work with you. However, you have a family and you want to start to put down roots. How do you do that?
The Veterans Home Loan Program has been designed with people like you in mind. It's a powerful, government backed program that's designed to help veterans and service people into home ownership. If you've thought that you wouldn't be able to get a home loan before, this program will help you out.
What Are VA Home Loans?
A VA home loan is a loan that's backed by the US Department of Veterans Affairs. The department isn't responsible for issuing you the loan, but the program makes it a lot easier for you to gain a home loan and finally own your own home.
These kinds of loans are very competitive, as they're considered low risk by lenders. That means that you can get some excellent interest rates on your loan. That's why you should shop around when looking for a VA home loan, as you'll be surprised at what deals you can get.
With a VA loan, you won't be expected to put down a down payment. This is a real positive for service people, as they may not have been able to put together savings for long enough as they've been working. Not having to do this takes a lot of stress off you.
Also, with a VA loan you won't be expected to pay for private mortgage insurance. With regular loans, this insurance is there to protect the lender if you default on payments. However, it can make home ownership too expensive for veterans. As a VA loan is backed by the government, they assume all the responsibility for the loan should anything happen. This takes more pressure off you, making it easier to take out a loan.
Are You Eligible?
So, are you eligible for a VA home loan? If you're a current service member or a veteran, then you very well may be. To be approved you'll need to not have been dishonorably discharged, and you must meet all of the service requirements.
Eligibility varies, depending on when and how long you served for. For example, if you served in Vietnam you must have served between 8/5/1964 and 5/7/1975, and you must have served for at least 90 consecutive days. You will need to look up the dates and times for your particular time of service to ensure you're eligible. If you're a current service member, then any dates will be accepted as long as you have served for 90 days.
There are other ways you can become eligible for a VA loan. For example, if you're the spouse of an active or deceased service member, then you could be accepted for a loan. You may want to talk to a mortgage lender, such as us here at Nationwide Home Loans, to decide whether this would be the best loan for you.
If you are eligible, you'll need to gain a certificate to declare what you're eligible for, and how much. This is usually obtained by filling out a DD Form 214, but if you're having trouble again speak to a lender to find out what you need to do.
Picking A Lender For Your VA Home Loan
Now that you have all the evidence for your loan, you'll need to find a lender. You really can shop around as many lenders offer VA loans, and they're happy to give good rates. Don't be afraid to ask questions, and don't settle for a lender until you're sure you're happy with them.
Here at Nationwide Home Loans in Sunrise, we want our customers to get the best loan possible from us. That means we're happy to work with you and answer any questions that you have. If you think you may be eligible, get in touch today. We can help you get that loan and start putting down roots in a new home today. Contact us today to learn more about our home loan options.