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.