"NO PLACE LIKE (YOUR FIRST) HOME"
If as a first-time military homebuyer you're having trouble qualifying for conventional loans, you're not alone. Conventional loans have many requirements with the largest being down payment and years of employment. As a veteran you have an option with the VA home loan program. Uniform Services Veterans Mortgage enjoys the satisfaction of assisting a vet successfully through all of the nuances of the VA home loan program. We are here to help first-time military homebuyers circumvent the various issues they face with traditional loans and guide them through the VA home loan process. We routinely accomplish this by providing VA Loans that put these homebuyers in their own homes.
NO DOWN PAYMENT
A down payment can be a big hurdle. With conventional loans you are expected to make a down payment of at least 10% of the home's value. This can go up to 20% considering the current stringent lending environment. We understand that as a first-time homebuyer you may not have the funds to make the payment. With a VA Loan you don't have to make any down payments. You don't have to scrap your idea of owning a house just yet.
ELIGIBILITY EASE
Traditional loans have a laundry list of eligibility criteria and qualification requirements. For instance, if you don't have a strong credit history you will have a hard time getting approved. Even if you do get the approval, the loan will probably carry a higher interest rate than a similar VA first time home buyer program. With its less strict eligibility requirements, a VA Loan is the perfect alternative. It's much easier to qualify for a great interest rate.
MAKE LOWER MONTHLY PAYMENTS
VA Loans don't require the costly private mortgage insurance (PMI). Without this expense you may enjoy lower payments every month which is money in your pocket! Coupled with affordable interest rates, VA Loans can save you thousands of dollars over the loan's term.
Other Benefits Include:
- Equal opportunities for veterans to buy a house
- Closing cost limitation
- Long repayment period
- No pre-payment penalty
- May be assumable
Interested In Discussing Options In Depth?
We Can Guide You!
We understand that this is a lot of information to process. If you would like personal help to guide you through the steps of acquiring a VA home loan, USVM is glad to be of service. Contact us at 888-997-8786 to learn more about which options will work best for you. We would be honored to serve you!
22 Sep First Time Home Buyers
Purchasing your first home can be exciting and intimidating at the same time, perhaps even more so when you’re figuring out the VA home loan process. There are a lot of questions you probably have. Thankfully, we are here to provide you with the answers you need.
Our goal is to make your first time home buying experience easier and less intimidating. Understanding the application process can greatly reduce the unknown and stresses that come with doing something for the first time. To make it easier on you, visit our page of the best VA mortgage lenders and they’ll be more than happy to ease you through the process of securing your VA home mortgage financing and buying your first home.
Which loan option is best for your situation?
Even if you’re at the very beginning of the home buying process, you have probably already discovered there are several options out there for financing your first mortgage. Each program has its own benefits. For current military members, veterans, and military families, the VA Loan often provides the exact benefits they desire.
What are the benefits of a VA home mortgage?
Manageable qualification requirements
- Since these loans are financially backed (guaranteed) by the Department of Veterans Affairs and thus lenders assume less risk, there are no credit checks for qualification and even when factoring interest rates, a borrower’s credit score is less of an issue than with traditional home loans.
Down payments are not required
- For a lot of first time home buyers, saving thousands of dollars toward a down payment is daunting. This is the same for service members and veterans. With a traditional mortgage, a home buyer would need to put down a minimum of 5 percent toward the purchase price of their house and with Financial Housing Administration (FHA) loans they would have to put down 3.5 percent.
- That means, if the home is $250,000, a traditional lender would require $12,500 down and an FHA lender would require $8,700. Knocking that number down to $0 allows service members and veterans an opportunity to buy a home they otherwise might not have had.
Monthly payments are lower than traditional home loans
10 Best VA Home Loans 2022
Compare 2022's Best VA Home Loans. Federally Insured. 0% Down. Active Duty, Vet & Family. Tap to Compare Rates. No Money Down.
Comparing is quick, easy, and free!
- Thanks to competitive interest rates available through the VA Loan program as well as the absence of a private mortgage insurance (PMI) requirement, VA Loan borrowers are able to save thousands of dollars throughout the life of their home loan.
What is your price range?
After you decided to start searching for your first home, the initial question you probably asked yourself was, “What are affordable payments for me?” There are a number of factors that go into landing yourself a mortgage payment that you can manage.
We at Veterans Anonymous have created a payment calculator for the VA Loan program. Give it a spin and see how much of a payment you would feel secure in.
The main factors that determine an affordable mortgage are:
- Existing payments toward debt
- Annual income
- How much is put down for a down payment, if any
- Extra factors, such as homeowner association fees and insurance
Helping you find a real estate agent
Since the process can be complex, make sure you find a real estate agent who knows the process of qualifying and financing a VA home mortgage. It’s also important to find an agent who can identify the requirements of current military members and veterans.
Because of this, we at Veterans Anonymous have compiled a directory of real estate agents who specialize in helping military families find the right home for them.
How do you get pre-approved for a VA home loan?
To begin with, you’ll want to set up an appointment with a loan officer. The loan officer will look over your financial situation and figure out how much of a loan you are qualified for. Once that is determined, you will complete and submit the application.
If you have questions or would like to begin the process, visit our Specialist page and get started!
Additional Resources For First Time Home Buyers
Here are some pages we have set up just for home buyers trying to qualify for the VA home loan program:
VA Loan Frequently Asked Questions
Understanding VA Appraisals
Va Mortgage Disclosures and Points