Fulfilling the American dream of homeownership is something that all citizens can take part in. After many years of brave service, our service members deserve a place to call home, and what better place than a home of their own. Among the financial challenges that are likely to be faced in the home buying process, our service members are compensated for their service with access to home-buying benefits and financial assistance to help them achieve their American dream of homeownership.
One of those financial assistance programs available for military service members is the VA loan. The VA loan is a lending program for service members who are looking to buy a home. With the help of the VA loan, many military members can achieve the home of their dreams with easy financing that includes no down payments or mortgage insurance, lenient credit requirements, and more!
Most members of the military, including veterans, those on reserve, and the National Guard are eligible for the VA home loan program when they have fulfilled the following criteria:
If you find yourself eligible based on the previous requirements, the next step would be to talk to a VA lender to receive a Certificate of Eligibility. Once you have received your Certificate of Eligibility you can start the VA loan application!
Like any other loan, you would have to do your due diligence of research to find the lender that best suits your needs. To help you get started, you can check out the Navy Federal Credit Union or Veterans United Home Loans to learn more about the home loans and rates they offer.
After you have successfully found a VA lender, the next step is to get pre-approved. Pre-approval is a crucial step in the beginning stages of the home buying process that will help increase your chances of getting the home you want. In the pre-approval process, your lender will verify your income and financial information to determine your purchasing power which will help your offer on home stand out among others.
Finding the perfect home can be challenging, but thankfully with the help of a RealtorⓇ finding the home of your dreams can be a lot easier. Our American Dream agents make the home buying process simple as they help you achieve your dream home. From finding your home to closing, our agents will carry you through the home buying process from start to finish.
For more information about The American Dream or to start your home search, contact an agent today!