June 25, 2014

How to Apply for a VA Loan?

There are a lot of Veterans who are unaware of the housing benefit (VA loan) given to them by the VA (Veterans Administration). There are also a lot of Veterans who are aware of such benefit, but they are not using it. One of the benefits provided by VA is the chance to qualify for a VA loan. What is this loan all about? This is a kind of US mortgage loan that is backed by the US Department of Veterans Affairs. This can only be obtained via a bank or mortgage broker.

Why Apply for a VA Loan?

There are many types of mortgage loans, but why should you consider applying for VA loans? The reasons are as follows:

  • 100% Financing – this also means 0 down payment. Of course, 0 down payment means you don’t have to spend any amount only to qualify for your loan. This means that even if you don’t have savings at all, you can still apply for this loan.
  • Not So Strict Guidelines – the guidelines when applying for VA loans can easily be fulfilled because they are not so strict.
  • Lower Interest Rates and Monthly Payments – you can definitely save money with VA loans because of the lower interest rates and monthly payments. Lower rates and payments will also mean that you can pay off your mortgage fast and easy.
  • No PMI (Private Mortgage Insurance)
  • Assumable Loan

How to Apply for a VA Loan

Even if you are a veteran, still, you have to present the needed documents in order to qualify. You will also need to look for a mortgage company or a broker to help you. Why do you need a broker? The main reason why a broker is needed is because this loan is not directly provided by the Department of Veterans Affairs. Therefore, you will need someone to help you apply for a loan. This is especially true when you don’t have enough knowledge of such loan.

Who can Help You?

Looking for a lending institution or a mortgage broker is not hard. However, choosing from many options can be hard. If you need professional brokers to help you qualify for VA loans, do not forget to visit us at Global Mortgage. We will help you from the beginning until you will receive your desired loan. Of course, we will also discuss to you the different types of VA loans and will help you decide which the best is for you. So, if you want to apply for a VA loan, do not hesitate to contact us at (619) 692-3630.

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