VA loans have many benefits which make it one of the easiest ways for military families to own a home. . There’s a reason that the VA Loan program is so popular among military families. After all, who doesn’t love: * low rates * flexible credit requirements * no monthly mortgage insurance payments * and a low or no down payment option?
VA Loans Explained
Here are some tips to consider:
- The mortgage amount you may qualify for and what you can comfortably afford are two completely different things. Ask Canyons Mortgage to explain, first, so you can make a wise decision before you commit to an overwhelming financial future!
- Just because you can borrow 100% doesn’t mean it’s a wise idea to do so! A short conversation with your Canyons Mortgage personal loan officer will help you understand your options
- There’s a good chance you’ll be deployed or on duty for some, or most, of the loan process, so email will be important to staying informed throughout the loan process
- Collect your required financial and other documents far (see our ‘Loan Checklist’) very early in the loan and purchase process so you don’t have to be stressed with producing documents more than once
- Get as many loan details nailed down, and understood, ahead of time. You want to avoid last minute surprises with the monthly payment, closing costs and potential cash needed at Closing to derail the process, especially if you are out of town and unable to dig out documents easily
- Yes, you absolutely CAN get everything (and more!) the national online lenders promise from a more personal, detail-oriented and highly motivated, family-owned Utah lender – specifically, Canyons Mortgage
VA Loan Basic Requirements
- Active Duty military generally qualify after 6 months of continuous service.
- Reservists & National Guard must wait 6 years to apply; or, if called to Active Duty prior to that, then they are eligible after 180 days of service.
- Spouses of deceased military members may be eligible.
- A Certificate of Eligibility will be required; however, it is not necessary to actually start the qualifying process and we can obtain this document for you.
- 0% down payment is available, but not required to be selected by the member.
- No mortgage insurance (PMI) is required, regardless of down payment.
- There will be a 1-time ‘funding fee which varies based upon the down payment and it’s financed into the loan.
- Flexible credit guidelines are used.
- Refinancing is allowed.
- Payment assistance may be available if you miss payments, guidelines may apply.
