VA Loans every Service Member Should Explore

I want to help you good soldiers out there. I've been in real estate a long time and have helped many people own homes. Enlightening them to the various mortgage possibilities has always been fun for me because the majority of young folks I've met don't think they can afford a house. The first thing I'd say if you come to me with the thought of owning a home is "start saving now". The next thing I'd say is "start researching a mortgage you could afford". However, if you are a veteran of the armed services you have some incredible advantages you can use to help you own a house. Because you have served America in one of the toughest jobs on earth, America wants to help you own a home. Here is how veterans mortgage assistance works.

• If you've currently served a minimum of 90 days in the military continuously you qualify for a military mortgage.
• If you are retired from the military it all depends on whether you served during wartime, or peacetime. Those who served during the 1980's the rules say you must have served for 24 continuous months. Or 181 days during which you were ordered to active duty. In any of these cases you must not have been dishonorably discharged.
• These mortgages often require no down payment and the mortgage is assumable.
• The VA will assist in cases of default such as temporary financial difficulty.

What's so great about VA loans?

More and more service members are taking advantage of having served in the military industry by applying for mortgage help for veterans. A few years ago it was common for lenders to offer 0% down payment loans. Once the housing market crashed that option became hard to find. VA home mortgage loans are one way to still get that no down payment price tag. Not having to make a down payment will help you keep that emergency fund which is absolutely crucial for any home owner. Imagine how you might use this money down the line for home repairs or to get you through a temporary financial crunch.

Not the same as FHA approved loans

Unlike FHA loans and the other low down payment options out there, VA loans don't require private mortgage insurance otherwise known as PMI. Not having to pay a PMI will help your monthly cash flow significantly. It might not help in the upfront costs, but it will definitely decrease the long-term cost of owning your own home.

So before you explore some adjustable rate mortgage to make it easier to buy a home, if you are in the armed services, you should apply for a VA loan. This is especially true if you plan on raising a family in this new home. The mortgage is assumable, so if anything were to happen to you, the VA mortgage could then be assumed by your wife or children one day.

For the latest advice on real estate and owning a home visit www.real-estate-yogi.com. They have agents available for free consultations 24 hours a day. Simply pick up the phone and call 1-800-987-1397.

Aspects of Veteran's Mortgage Loan Assistance Programs

I've been a veteran of the armed forces for about 12 yrs now and for the past two I had been considering buying my first home. Recently married I knew that it was time to create a more settled life for raising a potential family. It was time to explore my options.

If you are familiar with the typical pay of a service member you probably are aware that it isn't a job that makes people instantly wealthy. I had to consider what types of mortgages are out there and what I could actually afford to be paying. The housing market is so variable right now that a good deal today might not seem too great tomorrow.

At first my wife suggested we look into an FHA adjustable rate mortgage because she had heard you didn't need a lot of money to put on a down payment. But we found that adjustable rate mortgages would be high risk for us if we intended to pay off the loan entirely one day. We needed another idea and this came when I learned that being a veteran of the armed services offered me some distinct advantages to owning a home and taking out a mortgage.

• VA mortgages usually require no down payment
• The mortgage is assumable with no prepayment penalty
• There isn't a requirement for MIP insurance
• The VA will offer assistance in the case of default due to temporary financial difficulties

My wife and I explored Veteran Refinance Mortgage Rates further to see just how far we might be able to go in acquiring a new home. We spoke with a knowledgeable Real-Estate-Yogi.com agent who had helped military service members in the past. He set us up with the necessary paperwork to apply for eligibility.

What are some of the rules for eligibility?

Because I had been serving in the military for a number of years I was a great candidate for assistance. The rules state that an active duty member needs to have served continuously for a minimum of 90 days. I had far exceeded those numbers! I learned some other aspects of a VA Loan that I'd like to share with all my former colleagues who no longer serve in the military.

How about those who no longer serve?

For those who have served during wartime you must have served at least 90 days continuously to be considered eligible for aid. When you were released from the military it had to have been honorably, or due to some other discharge other than dishonorable. This could be from a service related disability or injury from combat.

Those who served during peacetime must have served a minimum of 181 days of continuous active duty. A dishonorably discharge will automatically disqualify you. If you served during the 1980's you might be eligible if you served for 24 continuous months or at least 181 days during which you had been ordered to active duty. As with any veteran aid, everything is reliant on your service history. If you were dishonorably discharged you won't be eligible for this type of aid and will have to find another source.

I was able to find reliable help through Real-Estate-Yogi.com. Their experts provided me with all of the latest information on ways to fund home ownership. Through their agents I was introduced to all things real estate including ideas about veteran refinance mortgage rates and cash out refinancing. These are all things I need to know about going forward with home ownership. I highly recommend visiting their website and calling them directly at 1-800-987-1397.