What do we mean when we’re talking about a VA loan? Otherwise known as Veterans Affairs loans, these are designed to ease the financial burden for veterans who are ready to buy a home. A down payment isn’t always required, and they don’t require mortgage insurance as they are guaranteed by the Department of Veterans Affairs, making them one of the best loans for veterans available.
If you’re a member of the military, the Coast Guard, a reservist, or a veteran, you likely qualify for a VA loan. Active-duty military personnel are eligible after you have completed six months of service. For those in the National Guard or those who are in the reserve, you’ll are eligible in six years unless you have been called to active duty. At that point, you’ll reach eligibility after 181 days of active duty. You can also apply for a VA loan if you are the spouse of someone who died due to a service-connected disability or in the line of duty.
As helpful as VA loans are, they often come with a considerable amount of fine print. At Michelle McGregor Home Loans, it’s our privilege to help provide loans for veterans. We’ll put more than a decade of experience to work helping you understand what you qualify for and walk you through every step of the process. To get started, contact us online or by phone today.