Purchasing a First Time Home with VA Loan
A VA loan is a mortgage with no down payment that only applicants who have served in the United States military can access. One of the first milestones that veterans score with this money is buying their initial homes, thus qualifying as first-time home buyers.
Purchasing a First Home
Because homebuyers from among the ranks of men in uniform find it hard to get first time home loans in conventional programs, opting for the VA loan is like a breath of fresh air for them.
$0 Down Payment
The current dispensation of conventional loans puts a rate at which a buyer can obtain a loan, inclusive of a money down payment at a peak high, thus making many would-be applicants shrink from borrowing.
The VA loan is the only other program, apart from the USDA Guarantee loan for civilians, which attracts zero down payment. Furthermore, the loan-to-value margin remains 100 percent.(First Time Home Buyer)
Easy Qualification for First Time Home Buyer using VA Loan
Rigidity is not a word one is likely to find in the VA loan process, for apart from qualifying for a loan, the rest of the process is beyond reproach. VA loans have federal government support, thus eliminating credit ascertaining that makes applicants of conventional loans fail in their applications. Indeed, credit history does not determine the kind of interest rate one will obtain under this loan type.
Comparatively Low Monthly Payment
Part of the appeal of the VA loan for a first time buyer owes to its low 30-day payment margins. Because of the extra support by the government through its guarantee program, some of the charges that fleece money out of mortgagors, each month, like the Private Mortgage Insurance, never feature in this type of loan. This leads to substantial savings by the mortgagor who does not have to use any out-of-pocket cash. The rates, too, when they stretch into years, shove back great earnings that go into tens of thousands of dollars.(First Time Home Buyer
We know that a home-purchasing procedure poses some amount of obstacles for those doing it for the initial time. This is why our in-house VA Loan experts are always on time to offer assistance on anything a first time buyer wants, including referring you to agents who respect veterans.