Veterans Have Options with VA Mortgage Loans

 Honorably discharged veterans from every branch of the military as well as active duty service members can be eligible for a VA mortgage loan across New Mexico and the United States. 

There are many different options out there when it comes to selecting your mortgage loan provider as an active duty soldier, a veteran, or even the widowed spouse of a soldier. 

At the same time, there are also various requirements that must be met and exclusions to note if you are in the market for a zero money down home loan with the awesome benefits of a VA mortgage loan.

Qualifying for a VA Mortgage Loan

Before going into all the little details, you should probably know if you even qualify or not. For starters, you obviously have to be or have been in the military. An active duty member of the military, you must meet one of two requirements.

In order to qualify for a VA loan, you need to have served 90 days or more during wartime or at least 180 days during peace time. If you are a veteran, the requirements are the same, but you must have been honorably discharged as a dishonorable discharge negates any and all military bonuses and benefits.

Active reserve and National Guard have access to the VA loan program after six years of service to their country. This type of requirement makes perfect sense since they are typically not on the 'frontline.'

Widowed spouses of a veteran may be eligible for a VA loan as well if the death was related to military service or their spouse has been MIA or a POW for more than 90 days.

Reasons to Apply for a VA Home Loan

If you are buying your first home and qualify for a VA loan, use it. Typically, most home loans require 10% to 20% down, which can be well over $10,000. And, in many cases, young families don't have that kind of money available to them.

As someone who qualifies for a VA loan, you can purchase a home with zero down. Other than a few closing costs, you will pay next to nothing. This makes it a great option for first-time home buyers and their families, fresh out of service or still actively serving.

With Indigo Mortgage, a veteran can easily find themselves in a beautiful new home with little out-of-pocket expenses used only to cover closing costs. Of course, they must be eligible according to the VA's standards as well as meet a few requirements of our own mortgage standards. For more information, check us out today.

Posted by Indigo Mortgage at 8:53 AM No comments: