As a veteran, you have earned the opportunity to take advantage of a number of benefits. This includes the chance to secure financing that allows you to become a homeowner. While there is always the option of obtaining that financing from another source, it is to your advantage to explore the possibilities offered by VA Loans Orem UT. When you compare this approach with other strategies, there’s a good chance that a VA loan will be the best answer.
You Don’t Need a Down Payment
When it comes to obtaining a mortgage, you will find that many lenders require some sort of down payment as part of the deal. That’s fine if you happen to have the funds on hand. For veterans who do not have enough money set aside for a down payment, there is no need to let a good thing slip through your fingers. By applying for a loan through the VA, you can often get financing that does not require any type of down payment at all.
While the VA does not actually write those loans, it does work with lenders who are willing to extend competitive terms to veterans. In exchange for this, the VA does offer a partial guarantee on those home mortgages Utah. That guarantee helps to minimize the risk to lenders and in turn makes them more agreeable to providing the financing.
Financing for Veterans and for the Immediate Family
You already know that as a veteran, you can apply for a home mortgage through the VA. What you may not know is that if you are killed while on active duty, your surviving spouse is very likely to qualify for a VA home loan. Taking it one step further, if you sustain an injury while on active duty that leaves you disabled and unable to apply yourself, your spouse can take care of filing all the necessary paperwork and applications.
While these benefits are generally thought to apply only to members of the main branches of the military, it is also possible for reservists to receive financing for the purchase of a home. There is a waiting period based on the amount of service time under active duty, although that time frame is shortened during wartime. This means that if you are a reservist or a member of the National Guard who was called to active duty during a conflict, you could be eligible for financing in as little as six months.
Funding Fees are Waived for Disabled Veterans
While it is possible to obtain VA loans Orem UT that do not require a down payment, there is still funding fees to consider. Those fees amount to a fixed percentage of the total amount that you are borrowing. In the event that you happen to be a disabled veteran, those fees are typically waived. This helps to make obtaining a home mortgage through the VA all the more attractive.
If you are a veteran and want to become a homeowner, file an application and see what type of pre-approved rates you can receive. When it’s all said and done, you will find that buying a home is a lot easier than you expected.
Author bio: Arthur Belvedere is a professional loan officer who specializes in matching veterans with the right home mortgages Utah and VA Loans Orem UT.