VA home loans are a benefit available to veterans immediately after completing length of service requirements. The applicant, whether a veteran or active duty, must also qualify based on credit restrictions, but the requirements are much more lenient than other types of home loans.
The best part is that it only takes an average of 20-30 days from the time of application to receive this VA benefit! You can visit www.sumerhomeloans.com to know more about VA home loans.
The VA home loan program has more favorable terms than many loan programs because it serves as a benefit to those who have served our country.
It is one of the only two types of mortgage loan that allows 100% financing and, regardless of the percentage of the value of the home that is being loaned, these loans do not require any type of mortgage insurance. Both of these features can help borrowers save hundreds of dollars on their mortgage payment each month.
These loans provide an opportunity for veterans and active duty members of the armed forces to realize their part of the American dream. By providing 100% financing, the program allows those who have not had the opportunity to save money the opportunity to purchase a home.
This benefit allows people to use the money they would otherwise spend on a down payment as they see fit, whether it's for renovations, opening a savings account, or just to help cover everyday expenses.
The service requirements for this program vary depending on when the applicant entered the military and whether they were on active duty or in the reserves. If the applicant served or is serving active duty, he or she must have served at least 90 days in wartime or 181 days in peacetime to qualify for a VA home loan.