Founded in 1944 as part of the GI Bill, Veterans Affairs mortgages or VA loans have been called one of the best loan programs available for those who qualify. Of course, the trick is that not everyone who qualifies is aware that they qualify, or understands what the advantages of a VA loan really are.
Fortunately, your quick closing mortgage lender in Kansas City is here to help the fine folks at Fort Riley, McConnell Air Force Base in Wichita, Whiteman Air Force Base in Missouri, and anyone else who can qualify get a VA loan to help you purchase or refinance the home of your dreams today!
How do VA loans work?
In a lot of ways, VA loans are just like any other loan that you would get from your low-interest mortgage lender in Kansas City, but with many significant benefits, including that they often don’t require down payments and are guaranteed by the U.S. Department of Veterans Affairs and so don’t need mortgage insurance. Most veterans and active-duty military personnel are eligible for VA loans, as are some spouses of veterans and active-duty personnel. Reservists and members of the National Guard are also eligible, though they often have to wait several years before they can apply.
A Certificate of Eligibility will be necessary before you can apply for a VA loan, and suitable credit may be required, though there is generally no minimum credit score to qualify for a VA loan and VA loans often allow for a higher income-to-debt ratio than other loan types. If you’re not sure whether you qualify, or just have questions about how VA loans differ from other available loan options, contact First Fidelis, your quick closing mortgage lender in Kansas City today, and we’ll be happy to walk you through the whole VA loan process.
What are the benefits of a VA loan?
- They are guaranteed by the U.S. Department of Veterans Affairs (VA), meaning that you won’t need mortgage insurance.
- Available to active duty U.S. service members and veterans, as well as National Guard and U.S. Reserve members and the spouses of veterans (with some conditions).
- Can be used to build a home or buy a home.
- Can be used to buy a manufactured home, home lot, or condo.
- Can be used to improve a home or install energy-efficient features.
- Often require no down payment, and allow higher debt-to-income ratios, allowing you to afford to spend more on your new home.
- No cap on how much you can borrow to finance your home.
At First Fidelis, our goal is to help you find the best mortgage for you so that you can get into the home of your dreams at a price that you can afford. Our mortgage loan experts will be happy to help you determine whether or not you’re eligible for a VA loan, and to select the loan that’s right for your situation, budget, and lifestyle. So, if you’re ready to apply for a VA loan or just want to learn more, contact your low-interest mortgage lender in Kansas City today!