Salem VA Loan Eligibility
Getting a military mortgage through a qualified Salem VA mortgage lender can be incredibly easy. Our experts handle the entire process for you. We review your eligibility, current rates, creditworthiness, and let you know how much home you can afford through the different loan programs available to you.
There are very specific requirements for VA home mortgage eligibility. Only active duty and retired military veterans are eligible to benefit from a VA mortgage, and even then parameters must be met, both regarding the home being mortgaged, the mortgage amount, and your time in service.
We are committed to serving active duty military and veterans by helping them enjoy the security and stability of homeownership. We will help you get the best rate on the right home for your family.
Reach out to us for a free assessment of your eligibility in the Salem VA home loan program.
No Application Fees! Call Fast VA Home Loans at (912) 216-1844 for a Free Consultation!
Understanding Loan Benefit Eligibility
Not every service member, veteran, or home is eligible for a VA home loan. There are requirements regarding both your service time, your discharge status, and the amount you are able to finance through the program.
Salem VA mortgages are available to currently serving or honorably discharged veterans of all branches of the US military, including Army, Navy, Marine Corps, Air Force, Coast Guard, National Guard, or Reserves. Your eligibility is determined by the length of your service, the peace status when serving, and the branch in which you served.
General guidelines are if you served more than 2 years in an active role, you are more likely eligible to receive benefits. For National Guard or Reserves, the requirement is 6 years for equivalent commitment. If you were enlisted prior to 1980, guidelines are much more lenient. If you served 90 days or more, with any period occurring during wartime, or 181 consecutive days of peacetime, you may be eligible.
We can help you understand exactly which guidelines apply to you, and how much home you can afford based on your current financial and credit situation.
Advantages of VA Home Loans
Military mortgages provide multiple benefits to service members and vets. Since these military home loans are backed by the US Government, lenders are willing to extend special terms in exchange for that reduced risk.
One of the most valuable benefits of a Salem, GA VA mortgage is that no down payment is required. Conventional loans can require as much as 20% down, or may require additional mortgage insurance (PMI) to be purchased if that limit isn’t met. Military home loans require no PMI, even without a downpayment, making it easier for you to get into your new home faster.
Military home loans are also subject to reduced closing costs, since the VA limits what you can be charged. They also have no cash reserve requirements, so as long as you can cover those reduced costs, you are one step closer to homeownership. Credit requirements are also more lenient, meaning it is easier for a veteran who may have missed payments or even had a bankruptcy in the past to still be eligible for a loan.
If you already own a home but are not taking advantage of this opportunity, you are able for a VA home loan refinancing to decrease your payment or even cash-out your home equity. We will discuss all the refinancing and new mortgage options available to you.
We can help you understand exactly what you can expect from your military home loan. From understanding your eligibility to choosing a home that fits your budget, we have the advice and insight you need to make a smart financial choice.
Let’s Talk Now- Free Consultation
You don’t need to know your credit score or eligibility status to get started. We answer all your questions in our quick and easy free consultation. When you work with our military mortgage lenders, you get experienced professionals on your side, dedicated to getting you the home of your dreams.
Thank you for all that you have done for us. Please let us serve you.
No Application Fees! Call Fast VA Home Loans today at (912) 216-1844 for your Free Consultation!