Did you know that the VA home loans program is more than 70 years old? Over that period, the program has backed more than 21 million loans and yours could just add up to the statistic. The VA loans program traces its roots to the GI Bill of 1944 when the US was in the midst of the war; however, its true benefits are now being realized today more than ever before as the US places ever greater demands on its military servicemen to grapple with various global threats even as many of these veterans face an uncertain future back at home. With the help of the VA loan experts in Brooklyn Park MN, many veterans are now flocking in record numbers in order to take advantage of the numerous benefits that these loans offer such as the flexible and looser requirements as well as $0 down payment on the loans which in effect gets rid of the biggest obstacle to homeownership amongst many Americans.
Although VA loan experts in Brooklyn Park MN along with loan officers can effectively advise you on the various options which are available in the market, it is important to have a little background information about these loans. Here are some important facts that you can keep in mind when you are planning to apply for the VA loans: Read more at First Class Corp.
90% of VA Qualified Buyers Pay $0 Down Payment
That is the truth about the VA loans borrowers. 90% of pre-approved buyers will be able to buy their homes without paying any down payments. VA loan experts Minneapolis has can advise you accordingly on what it takes to pay nothing as down payment when you are planning to purchase a home with VA-backed home loans. This means most veterans who qualify for the VA home loans will be able to make instant home purchases instead of having to spend many years saving money in order to have adequate down payment for the home purchases. VA loan experts in Brooklyn Park MN can advise you on the various requirements so that you can get a loan $0 down payment.
VA Loans are Quite Safe
Over the past 6 years, VA loans have had the lowest rates of foreclosures making them relatively safe home financing options. You are at very little risk of losing your home. The guidelines for the VA home loans are simple and pretty common sense ones. Additionally, you can always seek the assistance of VA loan experts Maple Grove has. The VA also has a serious commitment to keeping veterans and military members in homes and that means there is plenty of support available to help you keep your home.
You Don’t Pay Mortgage Insurance
Government-backed loans do not have mortgage insurance premiums. There is only a small funding fee that can most veterans can easily pay upfront. If the VA loans borrower has a disability that is service-related, they will even be exempted from paying this fee.
Low Credit Benchmarks
This is one of the biggest advantages of VA-backed home loans. There is a very low credit score requirement compared to what would be required for conventional loans. VA-backed lenders generally accept a minimum FICO score of 620. If you have a credit issue that might hinder you from applying for VA loans, you can talk to VA loan experts Elk River has today and ask for some advice.
VA Imposes Occupancy Requirements
The VA loans are targeted at primary residences so you cannot use them to buy investment properties or even vacation properties. The buyer must occupy the VA loans backed home within 60 days or two months after they have closed the deal. That is why they must be move-in ready.
It is Not One-Time Offer
Contrary to popular perception, the VA loans are not a one-time benefit. You can have multiple VA loans simultaneously or even get one after a foreclosure. You can get in touch with loan experts to learn more about these highly beneficial loans. Check out HTTPS://WWW.FIRSTCLASSCORP.COM/SERVICE-AREA/BROOKLYN-PARK-MN-MORTGAGES/YOUR-VA-LOAN-EXPERTS-IN-BROOKLYN-PARK-MN.