Home Financing Options for Veterans and Military Families
When it comes to purchasing a home, Veterans are given many financing options, each with their own unique characteristics. For most veteran and active duty military members, we recommend the federally-backed VA Loan for its distinct advantages over traditional loans.
VA Loans
VA Loans are available exclusively to those who have served our country and select military spouses.
Due to its competitive rates and no down payment requirement, the VA Loan is the optimal choice for many military families. VA Loans are available for veterans and active duty service members who meet the basic service requirements.
Not only is the VA Loan a great option for home purchasing, but it can also be used for refinancing. Learn more about refinancing with a VA Loan in our next section.
USDA Loans
USDA Loans are administered by the U.S. Department of Agriculture for citizens, including veterans, with lower incomes to purchase homes and land in rural areas. To qualify, the property must be in a predefined eligibility zone. To see if a USDA Loan may be right for you, contact your loan officer to discuss the pros and cons of this loan type.
FHA Loans
Federal Housing Administration loans can be used by a variety of citizens, including veterans, for purchasing and improving "fixer uppers." Other FHA loans are offered specifically for senior citizens, first-time homebuyers, or those looking to purchase a home and make energy efficiency improvements.
A FHA loan does not offer the no-down payment mortgage option and comes with a form of mortgage insurance that borrowers pay both up front and monthly. A loan officer can help you decide if this loan product is right for you.
Conventional Loans
Conventional loans come without any kind of government guarantee. They typically require a minimum down payment and may carry private mortgage insurance. Credit score requirements are often higher for conventional loans than for government-backed mortgages.
Not only is the VA Loan a great option for home purchasing, but it can also be used for refinancing, which we will cover in the next email.
