Veterans have given honorable service to the country, which is the number one reason why they deserve to be among the 10% who are currently enjoying military-friendly mortgages. VA loan Mississippi is the most competitive ‘thank you’ gesture from the government to resident ex-servicemen. Though the state with the longest river in America has the lowest per capita base in the country, veteran residents are still eligible for the mortgage, and even more so because they have minimal income.
Are you from small-town Mississippi or the larger cities like Jackson? Take pains no more about your qualifications because you may still access your first-time VA loan Mississippi thanks to the following provisions:
- The mortgage has $0 money down.
- No single dime worth of premiums.
- Up to 6 percent of closing costs are met by the home retailer.
You Qualify For VA loan MS If:
- You have served for 90 or 181 days continuously in wartime or peacetime, respectively.
- You have retired from the military with no dishonorable record.
- You are a National Guardsmen member and have been in the job for the past 6 years.
- A spouse of a deceased ex-serviceman.
VA Loans Center understands that the commercial financing sector is callous to applicants who do not meet the high income or credit score stipulations. We empathize with any veteran who has hit the snag in the traditional funding market because of such demanding requirements. Indeed, VA Loan Mississippi espouses the following differences from the commercial financing dispensation, making it a star among the multitude of loan programs:
- With as low a FICO score of 620 you can pass the test.
- There are no prepayment penalties to financially-able veterans who complete their repayment before maturity.
- Late payment does not attract any penalty as well.
The Final Say on Property Rests With You, the Veteran
Now that you have realized why you deserve your first-ever VA loan MS, it is time you chose the property that best suits your income. In reality, the Department of Veterans Affairs does not put a cap on income levels, but enforces a $417000 guaranty limit in your state. Be sure to check out the current county limits before you decide on which home to purchase.
You Can Refinance Later
In case the mortgage terms become strenuous over the amortization period or your fortunes happen to change in the interim, you may decide to streamline your existing arrangement. Begin by approaching a loan specialist from VA Loans Center to understand more about the possible options in a VA loan MS refinance. These include:
- The Interest Rate Reduction Refinance Loan (IRRL), that will basically bring down rates to prevailing market lows.
- The Cash-Out offer that helps you tap into the equity that your collateral property is accumulating.
Any veteran definitely deserves VA loan Mississippi whether as a first-time or second-time buyer. Let’s get you started. Talk to us today.