One of the most useful benefits of the military, a VA home loan offers a fantastic opportunity for eligible active-duty service members and veterans who are ready to become homeowners. Because the Department of Veterans Affairs guarantees VA loans, they lack down payment requirements and have lower interest rates than many other types of mortgages. For these reasons and more, they’re very popular amongst qualified military families. So if you’re a service member or veteran interested in buying or refinancing your home, we encourage you to learn how to apply for a VA loan. This favorable financing option could make your dream home a reality.
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Benefits of a VA Loan
The Veterans Administration (VA) assists active-duty service members, veterans, and eligible surviving spouses by guaranteeing portions of home loans provided by private lenders. Their powerful and flexible support can open doors otherwise unavailable to struggling families, helping them buy or refinance a home. More and more service members are turning to VA loans for help on their road to becoming homeowners. In fact, the VA set a record high in 2016 by guaranteeing more than 707, 000 loans. So if you haven’t yet explored the benefits of a VA loan, we encourage you to check your eligibility and learn why this program is growing in popularity all the time.
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How To Build Your Credit
If you want to purchase a new home, it is important that you understand the role your credit will play in your ability to get approved for a mortgage. Lenders review your credit score and history to ensure that you are a reliable candidate for a loan. A high credit score can help you secure a great mortgage, but people with lower scores can still qualify for a mortgage with higher interest rates. If you currently lack credit, now is the time to learn how to build your credit. Everyone has to start somewhere.
