Military Loan

One of the benefits of being a veteran in the U.S. is the VA financing incentives that come with a military loan. If you are in the Armed forces or have ever served in the Army, Navy, Air Force or the Marines, then you are likely eligible for a low rate military loan for home buying or refinancing. The VA military loan is unique because it is guaranteed by the Veterans Affairs.

Vets like military home loans because it enables them to buy a home with no money down. It also enables them to refinance without any equity. Besides, VA mortgage rates are as low as conventional loans and the closing costs are very comparable.

The other advantage of a military loan is that there is no monthly mortgage payment like there is with FHA loans. This keeps military housing more affordable and helps reward our troops with more home buying power. Our VA lenders offer a free consultation and you can learn more about the today's VA rates and your eligibility on military loans.

How Does a Veteran Get a Military Loan?

1. VA borrowers need a signed purchase agreement: Once a Vet chooses a property the must make a formal offer and the seller must accept offer based on a pre-approval from a VA mortgage lender.
2. The Veteran must submit a complete and signed residential loan application: VA borrower must choose a VA mortgage lender. You will need to give the loan company your certificate of eligibility. The will develop all credit information and request VA to assign a licensed appraiser to determine the reasonable value for the property. Veteran will pay for credit report and appraisal unless the seller agrees to pay. Either VA or the lender will issue a value for property for home loan purposes based on the appraisal.
3. The bank's VA approved underwriter must verify that the borrower meets the requirement for a military loan. The VA loan criteria is based primarily on credit and the debt to income ratio.