When it comes to purchasing a home, Military Veterans are given many financing options, each with their own unique characteristics. For most veteran and active duty military members, it is typically recommends the federally-backed VA Loan for its distinct advantages over traditional loans
VA Loans are available exclusively to those who have served our country and select military spouses. VA Loans date back to 1944 and the federal Servicemen’s Readjustment Act.
Due to its competitive rates and no down payment requirement, the VA Loan is the optimal choice for many military families. VA Loans are available for veterans and active duty service members who meet the basic service requirements.
USDA Loans are administered by the U.S. Department of Agriculture for citizens, including veterans, with lower incomes to purchase homes and land in rural areas. To qualify, the property must be in a predefined eligibility zone. To see if a USDA Loan may be right for you, contact your local lender to discuss the pros and cons of this loan type.
Federal Housing Administration loans can be used by a variety of citizens, including veterans, for purchasing and improving “fixer uppers.” Other FHA loans are offered specifically for senior citizens, first-time homebuyers, or those looking to purchase a home and make energy efficiency improvements. A FHA loan does not offer the no-down payment mortgage option and comes with a form of mortgage insurance that borrowers pay both up front and monthly. Any good loan officer can help you decide if this loan product is right for you.