- Even if you have been made bankrupt or suffered from foreclosure, don’t worry, you can still obtain a veterans home loan.
- The guarantee provided by the VA means that you will not need to pay mortgage insurance, meaning a considerable monthly saving – why not treat yourselves to a nice evening out with the family instead?
- Veterans home loans do come with a compulsory fee but this may be waived if you are suffering from disability connected to your service history. It is possible to add this cost, (generally around 2% of the loan amount,) to the loan itself.
- If you want to ‘share’ the loan, (co-borrow,) with someone who is not your spouse or another veteran with an entitlement, you will need to make a down payment.
- There are no penalties for prepayment. For example, if you could afford maybe an extra $100 per month, you could save yourself a huge amount in interest and shave years off the term of the loan. Many lenders will penalize you for this.
All in all, obtaining a Veterans’ home loan means that you will not need to worry unnecessarily, which given the fact that you have served your country, is only right and proper.
Questions? Need help? Contact us today.