Anyone who has served in the military on active duty, or at least six years in the National Guard, may be eligible for a VA home loan. This is one of the best perks military service offers. Because the government understands that many active military members do not need to own personal vehicles or credit cards, credit scores are not an issue with VA loans. Some lenders, however, require minimum credit scores, so if you are thinking about getting a VA loan, and you don’t know your credit score, it is important to find out before you apply.
The VA Home Loans Avon CT, lenders offer are backed by the U.S. government, so the lender assumes very little risk in giving a mortgage to a veteran. Another advantage to borrowers is that there is no minimum down payment on these loan products. Private mortgage insurance is not required because of the federal government backing. Closing costs can even be absorbed into the loan so you won’t have to pay anything to move into your new home.
In order to qualify, you will need to have enough current income to pay your mortgage every month. Your lender will verify your income and will also require that you submit a certificate of eligibility to prove you are eligible for a VA-backed home loan. The documentation you’ll need will depend on how you performed your service. If you served on active duty, you will need different verification than if you completed your entire service in the National Guard. In some cases, surviving spouses of service members are also eligible for VA home loans.
When you are ready to apply for a loan, contact an experienced VA loan lender such as Village Mortgage. VA Home Loans Avon CT, mortgage company offers have some restrictions. The borrower is required to live in the home purchased with a VA-backed loan. If you have filed for bankruptcy in the past, you will have to wait until it has been discharged in order to apply. Lenders may require your bankruptcy is discharged for two or three years before approving your loan.
