If you are active military or a veteran, thank you for your service. Freedom isn’t free, and your sacrifice to serve our country is recognized and appreciated.
Did you know that as an active military member or veteran, you may be eligible for 100% financing on a home loan purchase through a VA loan? That means you may qualify for buying a home with no money down! And, if they agree to do so in the real estate purchase contract, the seller can pay all your closing costs (up to 4% of the sales price), which means you can possibly purchase a home for you and your family to live in without any upfront money out of pocket!
Certificate of Eligibility
If you are currently serving, depending on your branch of service, you may already qualify for home loan purchase eligibility. With your Statement of Active Service, we can check your qualifications and obtain the Certificate of Eligibility as issued by the Department of Veterans Affairs. If you are a veteran, with your DD-214, we can determine your eligibility status and obtain your Certificate of Eligibility. This is crucial first step on your road to homeownership.
Relaxed Qualifications
The Department of Veterans Affairs, the government agency that oversees the VA Home Loan Program decided to make it easier for active service members and veterans. This means that credit bumps and scrapes aren’t considered as stringently as with other forms of traditional home loan financing. Also, VA home loans use an enhanced income calculation formula that is more lenient than other forms of financing. This means that you can purchase your dream home knowing that your financing is secured by an agency that understands you and appreciates your service.
Easy Refinancing
The VA also has special refinancing programs. You can refinance your current home and take advantage of equity to put money in your pocket using the same criteria as a purchase loan. Most areas will allow you to take up to 90% of your home’s equity. Or, if you want to take advantage of a lower rate, the VA has a special loan that allows you to reduce your rate with minimum hassle (no VA appraisal required). Whichever type of refinancing you might need, the VA Home Loan Program is specifically designed to support active military or veterans.
Contact PMG Home Loans today to review your qualification for a VA loan.