Like most procedures involving
money, loans are always changing in some way or another -- from the fine print
to the rates -- and that is why it is important to always keep up on the latest
news in home loans.
Just like other loans, the VA loans also are periodically changed and updated, information you might have had on the loan just a few months ago may very well have changed.
Just like other loans, the VA loans also are periodically changed and updated, information you might have had on the loan just a few months ago may very well have changed.
Today though, Indigo Mortgage is
going to shed some light on the VA loan and cover it in its most recent incarnation.
Types
of VA Loans
That’s right -- there is more than
one type of VA mortgage loan. The most common though is the VA home loan, which
really is a great way for a qualifying veteran to find themselves in a brand
new home. So, what makes you qualify?
Well chances are, if you have enlisted sometime in the past decade (whether still active or now retired), you qualify, but here are some important details to note.
Well chances are, if you have enlisted sometime in the past decade (whether still active or now retired), you qualify, but here are some important details to note.
There are a few requirements to
qualify for a VA home loan or really anything related to the time served
benefits. First of all and probably the most obvious is that you must be either
active duty or an honorably discharged veteran.
Next up is related to your time
served, which is that you must have served 181 days during peacetime and 90
during wartime or have six years active duty for reserves and National Guard.
At this point, you qualify for a VA home loan.
Back to the loans, the VA Streamline
Refinance is what it sounds to be a very effective way to refinance a home that
you live in during what has been a tough economic time and when home values
have plummeted. This allows you to effectively lower your interest rates and,
with that, your bills.
Of course, you need a house to live
in, which brings us back to the VA home loans we mentioned above. The VA home
loan is a very good way to get you and your family into a dream home and the
best part is that there is no money down.
Getting
a New Home
The VA loans are definitely a great
way for our armed service men and women to get a new house with no money down
and great interest rates. At Indigo Mortgage, we would be more than happy to
assist you with learning more about the VA loans; in fact, we would be honored.
You served us and your country, and now it’s our turn to return the favor.
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