Many people dream of owning their own home. Instead of paying rent and never seeing that money again, homeowners pay a mortgage that, when paid off, will vanish, leading to owning the property free and clear with no more monthly payments to be made.
If you’ve never owned a home before, but you’ve served in the military, you may be able to qualify for veterans home loans, which can make your dream of homeownership come true. In this blog, we’ll outline how such a loan can help you, and we’ll go over who may qualify for these types of loans.
What Are Veterans Home Loans?
These types of loans are made available by financial institutions, such as banks and mortgage companies, and guaranteed in part by the U.S. Department of Veterans Affairs. We’ve written about VA home loans in a previous blog, where we discussed the benefits of this loan and where we stressed the importance of giving yourself plenty of time to acquire such a loan, since the process can sometimes take longer than it takes to get a conventional loan.
Regardless of the length of time it may take to close on a VA home loan, we believe it’s worth it! That’s because it’s an option for many individuals who otherwise would not qualify for a loan, and thus, would not be able to achieve their homeownership dreams.
Even if it takes a little while to reach that dream, it’s still worth it, right? You bet it is!
Who May Qualify For Such Loans?
So the next big question is, who qualifies, exactly?
The short answer is that a VA loan is not available to everyone. It is reserved for service members, veterans, and eligible surviving spouses. Both current and former service members are eligible to apply.
If you belong to any of the categories listed in the previous paragraph, you are eligible to apply for veterans home loans. However, you may or may not secure such a loan, and this depends on a wide range of factors.
For example, if your credit score is way too low, your application may be denied. Or if your income is too low or too unstable, the financial institution may decline your application.
Your best bet is to work closely with a mortgage company like Manuel Mortgage that understands the ins and outs of veterans home loans and is passionate about helping clients purchase the home of their dreams. With a mortgage specialist by your side, you may have an improved chance of securing the VA home loan you need to buy your house. We can go over financials with you and possibly find avenues and even additional income sources you may not have thought of to help you qualify for a loan.
Additional Criteria And Considerations
What else should you consider with regards to obtaining a VA home loan? Here are some points to keep in mind:
- It helps to get prequalified and preapproved. Prequalification can help you figure out how much house you can afford, and preapproval will give you a letter you can show to realtors indicating that you’re a strong buyer.
- You can’t use veterans home loans for an investment property or a vacation home. It’s available for your primary residence only.
- Even if you’ve experienced bankruptcy in the past, you may still qualify for a VA loan.
- There are no prepayment penalties. You can pay off this loan as quickly as you want without worrying about penalty fees.
Take That First Step
If you’re not sure that you qualify, the best thing to do is take that first step and find out! Contact a reputable mortgage company here in Texas, or wherever you are located, to help you figure out if you qualify, and to boost your chances of having your loan application accepted.
Contact Manuel Mortgage For Help In Texas
Now that you’ve learned more about veterans home loans, it’s time to reach out and contact Manuel Mortgage here in Texas. We are passionate about helping people just like you achieve their homeownership dreams. With our guidance and expertise, you’ll have a better chance of securing the best loan available and lock it in at the best rate possible. For immediate assistance, reach out to Manuel Mortgage today!