As soon as I realized that my personal financial picture was a little bleak, I started thinking about taking out a personal loan. I wasn't really looking forward to going into debt, but I knew that if I wanted to solve a few short-term problems, a loan would be the way to go. I talked with a few of my local financial institutions to get a good idea of what they could offer me, and then I sat down to go over the paperwork. It was incredible to see how much money I could save by securing a lower interest rate. Check out my blog for more information about loans.
When it comes to purchasing a home as a veteran of the United States Armed Forces, you have a distinct advantage. You can qualify for a Veteran Administration or VA loan, which will allow you to purchase a home with a smaller down payment and often better interest rates than you will get anywhere else.
Benefit Is Not a One-Time Deal
Many people are wrongly informed that the VA loan program is a one-time deal or a time-sensitive offer -- it is neither of these things. You can purchase a home in your 30s using a VA loan, and you can purchase another home in your 50s, and if you really wanted, another one in your 70s. There is no limit on how many times you can use a VA loan during your lifetime.
Benefit Never Expires
Next, the ability to use a VA loan as a veteran of the United States Armed Forces never expires. You can apply for a VA loan if you have been out of the service for 5 years or for 50 years. This is a life-long benefit that is extended to service members who served long enough to meet the requirements for the loan. Once you reach the requirements of years of service for the loan, the benefit is yours to use for the rest of your life.
VA Loans Come from Local Lenders
One of the most unique things about a VA loan is that although it is called a Veteran Administration loan, the actual U.S. Department of Veteran Affairs doesn't handle the loan. Beyond certifying that you are eligible for the loan, the VA loan program is actually run by individual banks, credit unions, and lending companies. That means that you don't have to work with the government, beyond getting your certification that lets the lender know that you qualify for a VA loan deal. You can choose a local lender that you want to work with within your own community.
VA Loans Offer Lower Rates
Finally, you should apply for a VA loan because you are going to be able to take advantage of some really great terms. VA loans generally offer the lowest interest rates you can find, which means that over the lifetime of your loan you'll pay less for the loan, and thus less for your home than if you went through another financing option. You will also not be asked to pay things such as private mortgage insurance, and you'll get to put down a very small down payment. A VA loan really is a great deal.
Your VA loan benefit is not a one-time deal, it is something you can use again and again. It also doesn't expire, so you qualify no matter how long it has been since you were in the service. You can get a VA loan through a local lender, and you will enjoy lower interest rates than other loan programs you may qualify for. Talk to your local lender today about the process for obtaining a VA mortgage loan.
Share1 October 2019
