Are you a veteran who is looking to take out a vet loan? It’s understandable to be a little daunted by this process. With so many rules to keep track of on top of a fluctuating economy, finding and acquiring a vet loan that’s applicable to your life can seem almost impossible. When you need assistance with loan requirements or aren’t sure if you prequalify for a veterans home loan, there are professionals who can help. Before you get started on your journey look at the top five tips you should know about obtaining a vet loan.
You’re Not Alone In Your Journey
Did you know there are nearly one and a half million veterans in the state of Texas alone? The median income for veterans in the same state is also around $40,000. This means you are not the only one struggling with the process of obtaining a vet loan. There are multiple methods of receiving the help you need to finance your life or receive an education and it all starts with a little knowledge. This includes eliminating common myths about receiving loans.
Know Common Myths About Loans
Worried you won’t qualify? Lay these fears to rest. Contrary to popular belief, a veteran loan doesn’t require mortgage insurance and allows for 100% financing. Veteran loan mortgage rates are also as much as 50 basis points lower than those available for conventional mortgage loans, putting you in a much better spot overall. There’s plenty you can do with your veteran loan when you put your mind to it!
You Can Use Your Loan For Many Projects
Are you a first-time homebuyer? How about a second-time? A Texas loan program can help you no matter where you come from. The year 2015 saw a total of 134,000 home loans going to veterans who were first-time homebuyers, with nearly 187,000 going to those who had previously purchased a home. Overall, veterans in Texas received an impressive total of 58,000 home loans just the year prior. Applying for a vet loan is as simple as checking your unique qualifications and meeting with a professional to fill out your application.
Apply For A Vet Loan Today
The year 2016 saw over 700,000 home loans guaranteed by a veteran loan nationwide. Will you be the next? Over 22 million veterans have been able to achieve homeownership with the aid of a vet loan, with either buying or refinancing more applicable than ever through this useful and resourceful program. To qualify for a veteran loan you need to have served only 181 days during peacetime as well as 90 days during war time. Spending six years in the Reserves or National Guard can also apply. Consider applying for a vet loan if you decide you’re ready to own a home. Before you know it you’ll be well on your way to a new life.